THE IDAHO SPECIAL NEEDS TRUST: PLANNING FOR A DISABLED DEPENDENT
If you have a child or another loved one who is physically, mentally, or developmentally disabled, he or she may be entitled to government benefits such as SSI or Medicaid. Most benefits are available only to those with limited financial assets and income. As a result, leaving an inheritance to a disabled loved one may cause the loved one to no longer qualify for government benefits.
Is there a way to allow such a family member to receive an inheritance and also continue to receive government benefits? The answer is, “yes”. A special kind of trust called a “Special Needs Trust” can be drafted to supplement government benefits; to provide only benefits or luxuries above and beyond the benefits the disabled person receives from any local, state, federal, or private agency. A special needs trust designates a trustee, who will have complete control over the distribution of assets and income to the beneficiary. The beneficiary of a special needs trust cannot have the right to demand any principal or interest from the trust.
Each state has different rules regarding a person’s ability to qualify for government benefits. Therefore, it is imperative that you consult with an Idaho estate planning attorney or Oregon estate planning attorney who is well versed in drafting Idaho special needs trusts or Oregon special needs trust or special needs trusts specific to another state where your beneficiary is receiving government benefits. Be sure to work closely with an Idaho estate planning attorney or Oregon estate planning attorney who has considerable experience with these trusts. Idaho special needs trusts and Oregon special needs trusts are a powerful estate planning tactic which allow you to make sure that your loved one is well cared for after you are gone. You will have peace of mind knowing that your child or other beneficiary will not only be able to continue to receive benefits, but can also enjoy an inheritance that provides them the life style you would choose for them if you were still living.
We would love to meet with you and answer your questions. Call us at 208-345-6308 to schedule your free Idaho estate planning or Oregon estate planning consultation, where you can ask all your questions about Idaho living trusts or Oregon living trusts and make an informed decision about the plan that will be best for you and your family. We serve clients in Boise, Eagle, Meridian, Nampa, Caldwell, Star, Emmett, the Treasure Valley, the Magic Valley, Twin Falls, Mountain Home in Idaho, including Ada County, Canyon County, Gem County, Twin Falls County and elsewhere in Idaho. We also service client in Portland, Lake Oswego, Gold Beach, Brookings, Port Orford, Medford, Oregon, and all over the Pacific Northwest!