Special Needs Trust
Oklahoma City Special Needs Trust Lawyer
Serving Families in Edmond & the Counties of Oklahoma, Cleveland & Canadian
Special needs planning is often part of the estate planning process. This is a legal area that is designed to benefit a family member (the beneficiary) who has special needs due to physical, mental, or emotional disability or incapacity. These are individuals who generally are not able to manage their own income or assets. Additionally, by receiving gifts, inheritances, or income from family members, their eligibility for government benefits, such as Supplemental Security Income (SSI) or Medicaid, may be jeopardized or lost. However, a special needs trust is a tool that can resolve these issues.
At David W. Smith II PLLC, you can work with an estate planning lawyer who is well-versed in creating and putting into effect special needs trusts that will work to protect your family member. Since 2008, Oklahoma City special needs trust attorney David Smith has been assisting families in creating customized estate plans to cover all of the needs and objectives unique to their family and estate situations.
Attorney David Smith offers free 30-minute consultations in which you can discuss your legal needs directly with him. Contact David W. Smith II PLLC via our online form or at (405) 544-3635 to book yours today.
Special Needs Trusts in Oklahoma
A special needs trust essentially creates monies held in trust for the disabled person as a kind of reserve fund that can supplement the person’s expenses/needs that extend beyond what is obtained through public assistance or government benefits. These governmental programs are only available to people who meet the eligibility criteria, based on their limited financial resources and funds. Thus, if a special needs person receives gifts or inheritances that put the person over the limit of financial eligibility, means-tested government benefits can be lost.
Special needs trusts can be independent trusts by themselves or can be part of a parent’s revocable living trust. Each case is different and can be set up according to what you wish to achieve for your disabled family member.
These trusts are vital for parents and other family members who want to:
- Safeguard the government benefits their beneficiary receives both now and into the future
- Be able to handle and manage their beneficiary’s income and assets
- Be able to pass on gifts and inheritances that will enhance the quality of life of the beneficiary
- Have a plan that will take care of the beneficiary after parents or other caregiving family members pass away or become unable to care for the beneficiary
Turn to David W. Smith II PLLC for Help
This area of law can be complex, must be set up according to statute, and often needs to consider tax consequences. If you need assistance with estate planning for a special needs family member, you can turn to David. He will provide you with the understanding you need about special needs trusts and help you move forward with a trust that will work for you and your family.
“He saved my life and he worked with me to make it affordable. Not only was he a good attorney, he has been a good friend as well.” - John T.
“Excellent Attorney!” - Jonathan D.