Leading Elder Law Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC emphasizes the importance of special needs trusts in securing the future of children with disabilities. For more information please visit https://www.elderlawfirm.com
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North Carolina Attorney Dennis Toman has highlighted the effectiveness of a special needs trust in protecting the long-term future of a child with disabilities.
For more information please visit https://www.elderlawfirm.com
The founder of The Elderlaw Firm in Greensboro, NC, said: “A special needs trust will help a child with disabilities from losing government benefits, such as Supplemental Security Income or Medicaid.”
The number of children with disabilities is increasing. According to the US Census Bureau 4.3% of children under the age of 18 were identified as having a disability in 2019, up from 3.9% in 2008.
Toman elaborated further: “There are numerous options in passing down an estate to a child, such as leaving an inheritance or placing an estate with close family members.’’
“Contrary to what many think, leaving an inheritance to someone reliant on government assistance can do more harm than good. An inheritance can negatively impact a child’s ability to qualify for certain programs.”
These programs include services that a child with disabilities might require throughout their lifetime, such as assisted or group housing, employment support, personal care aides, assistance in transportation, and specialized medical services.
He added: “If government support is restricted or limited in some way, a special needs trust can provide financial security. If, for any reason, a child can no longer fully benefit from public assistance, the money held in a trust can act as a backup of funds that can be made available to them.”
Setting up a special needs trust can ensure trust assets are well-managed and work to benefit the child in the long term.
Toman said: “One of the main features of this trust is that assets held there are not directly available to the child. They must first be released by a trustee, who can act as the child’s money manager to ensure the funds are spent as intended.”
He urged parents to at least consider beginning estate planning early if they are caring for a child with disabilities at home. More so, if they die unexpectedly without planning ahead for their child, it could leave their youngster’s future clouded with uncertainty.
He recommended that parents consult an attorney specializing in developing well-drafted and clear special needs trusts.
Toman concluded: “Contacting a law firm that works exclusively in this area to create a comprehensive legal plan for you and your child is probably the best starting point. They can outline all the options and help build a robust trust.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89133815
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