Special Needs Trust Laws in New Hampshire
A trust is a specific way of leaving funds to a beneficiary. However, there are times when simply leaving a lump sum to a beneficiary isn’t a good option considering the situation. If you have a special needs family member and you wish to leave funds to assist or handle the care that family member will need now and in the future, drafting a special needs trust may be your best option. The estate planning attorneys at Laws & Demers, PLLC, can assist in the explanation and drafting of a special needs trust that can ensure your loved one is taken care as you wish.
Special Needs Benefits
For special needs individuals who receive state or federal benefits, such as SSI and Medicaid, those benefits hinge on the amount of money those individuals make or maintain in a bank account. If they receive assets or funds through a will or gifted all at once, they may lose vital benefits, which is counterproductive when you are trying to ensure that person is cared for as they need to be. The benefits they receive may be vital for a group home situation, visiting nurses or personal care assistance, medical treatment and prescriptions, and living stipends. Having a special needs trust in place means any funds issued are not counted against them and those benefits won’t be put at risk.
Drafting a Special Needs Trust
By drafting a special needs trust, those beneficiaries and loved ones who may have disabilities that prevent them from handling money on their own are protected and provided for without worry. You can rest assured that a third party, or trustee, is overseeing the money and it is being distributed in a way that works best for your unique situation. Just as everyone is unique, your special needs family member or loved one and his or her needs are just as unique. Laws & Demers, PLLC, will take the time to get to know your unique situation and help guide you through the process in every way. We can help you navigate what may be a highly personal and necessary journey so you can feel confident in what will happen to your loved one when you are gone.
The care and fate of a special needs loved one can be a source of worry and undue stress. With a special needs trust in place, some of that worry and stress can be put to rest and you can rest assured that person will be cared for as you see fit. Let us explain more about the benefits of a special needs trust and how it may be an essential part of your estate planning process.
For questions or to schedule a consultation please contact Laws & Demers, PLLC today at 603-880-2000.