Who Needs a Will: Special Needs Beneficiaries

Many people want a part of their estate to be set aside to help someone with special needs.  If this is not done correctly, it can hurt, rather than help, the intended beneficiary.

If the intended beneficiary is receiving, or is likely to receive, governmental assistance, the receipt of an inheritance may disqualify them from further assistance until (1) they have repaid all of the assistance they have already received, (2) they expend all the remaining funds on their own care, and (3) they re-apply and are accepted again.

A Will can include a Special Needs Trust for such beneficiaries which allows the setting aside of assets for such an individual without disqualifying them from governmental assistance.  A Special Needs Trust cannot be used for the basic necessities, but can be used to provide extras such as additional medical and dental services, clothing, educational opportunities, travel and vacation opportunities, and the other extras in life.

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By | 2016-12-13T09:13:40+00:00 October 3rd, 2014|Top Legal Tips|0 Comments