Bucks County, Pennsylvania Lawyers Providing Special Needs Trust
Many individuals with special needs require lifelong care that is tailored to their specific situation. To ensure their needs are met, even after the caregivers are no longer able to be with them, loving family members may wish to create a special needs trust.
At Bucks County Elder Law, we have a thorough understanding of the trusts that may be established in the course of creating a comprehensive estate plan, including special needs trusts. Under the guidance of Certified Elder Law Attorney (CELA) Henry Carpenter II, our firm provides clients with advice, information and options when discussing how to best meet the lifetime requirements of your loved one with special needs.
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A special needs trust is established in order to ensure that any beneficiaries (children or adult) who are disabled, physically or mentally, can enjoy the use of assets and property which is intended to be held for their future benefit. Though there are many personal reasons for such a trust, such as the beneficiary being mentally unable to handle their own finances, there are also financial advantages to utilizing a special needs trust to manage assets.
Special needs trusts also may prevent the disabled beneficiary from losing access to essential government benefits. These benefits, when received, can often also be placed in the special needs trust for future use.
Other assets that may go into funding of a special needs trust includes any monetary compensation from a settlement. This situation often arises if an individual has been injured by the negligence or injurious action of another individual and have sought legal action against that party. The compensation can result from litigation involving personal injuries or injuries from a criminal act.
Contact Us for a Free Initial Consultation
At Bucks County Elder Law, we are dedicated to helping clients explore their special needs trust and estate planning options. Open weekdays, our Yardley law offices also offer evening, weekend, and off-site appointments in order to manage the concerns of our clients. Contact us today for a free initial consultation.