Special Needs Trust

Oklahoma Special Needs Trust Attorney

Special Needs Trusts for Disabled Children

Many parents with disabled children want to leave assets to their children in their wills. Unfortunately, a gift to a disabled child usually ends up as a gift to the government. As a result of the gift, the child typically will lose eligibility for government benefits such as Supplemental Security Income (SSI), Social Security Disability Income (SSDI), and Medicaid, until they have spent all of the money mom or dad gave him or her. And then he or she may not re-qualify for these programs under the new rules.

At Postic & Bates, our estate planning lawyers create special needs trusts for parents in Oklahoma with disabled children. A special needs trust allows parents to provide supplemental income for a handicapped child without endangering government benefits.

The easiest way to fund a special needs trust is through a life insurance policy. The person you name as a trustee then manages those assets and pays them out to provide supplemental income for the child above what any government benefits provide.

Special Needs Trusts for the Elderly

If you are thinking about moving into a nursing home, you can use a special needs trust to protect your estate from nursing home costs.

To create a special needs trust, the husband and wife will have to give up control of their assets. Typically, what happens is that the parents give their assets to the children, and the children then create this trust to provide supplemental income for the parents while they are in a nursing home. Since the husband and wife no longer have control of their assets, they can qualify for Medicaid to pay for nursing home expenses. Under the present rules, you would have to create this trust 60 months before applying for Medicaid or it won't be effective.

At Postic & Bates, our estate planning lawyers create special needs trusts for people in Oklahoma. Special needs trusts aren't for everyone. Most people want to keep control of their estates. However, maintaining the control can mean losing the assets of the estate if they can't afford the cost of a nursing home.

For more information about living wills, request our free Estate Planning Guide.

Free Consultation: Contact Oklahoma special needs trust attorney Martin Postic Jr. to arrange a free consultation.