A special needs trust is a trust designed to hold assets for a disabled person without endangering their ability to receive government benefits such as Medicaid and Supplemental Security Income (SSI). Are you positive that your special needs trust has been set up correctly? When these trusts are not properly established, all of the funds in the trust may be lost to medical or other expenses. Contact the law firm of Solomon, Steiner & Peck, Ltd. in northeast Ohio to have your trust reviewed and make sure it is still in compliance with Ohio and Federal law. With attorneys specializing in estate planning and special needs planning, we strive to help Ohio families develop provisions that will protect the assets of their loved ones.
What is a Special Needs Trust?
Special needs trusts are usually established to protect assets and provide benefits to someone who is either physically or mentally challenged. These trusts can be established with the disabled person’s funds, or funds from a third party through inheritance or gifts. SNT’s may be set up to hold:
- Personal injury settlements
- Insurance settlements
- Criminal injury proceeds
- Litigation proceeds
There are numerous types of special needs trusts, including first-party special needs trusts, pooled trusts, and third-party special needs trusts. Each type of trust comes with its own set of intricacies and limitations. It is important to make sure the correct type of trust is chosen, or eligibility can be compromised.
To determine what type of trust is needed for your family member or loved one, and for assistance setting it up, consult the attorneys at Solomon, Steiner & Peck, Ltd. Our special needs planning team has been serving the greater Cleveland, OH community since 1993 and is here to help guide you through the process and answer questions along the way. Schedule your initial consultation at one of our three offices– in Mayfield Heights, Westlake, or Independence– to get started.