A Special Needs Trust is a trust that is for the benefit of a person that is receiving benefits from the government. The purpose of the Trust is to allow the beneficiary of the trust to have access to funds but NOT interfere with his/her benefits. Leaving a special needs beneficiary outside of the trust, could disqualify him or her from receiving government benefits including Medicaid and Supplemental Security Income (SSI).
Special Needs Trust in Middleton Wisconsin
A special needs trust in Middleton Wisconsin can be setup to function after your death or while you are alive. By leaving money to a trust, as opposed to directly to the special needs person, they can continue to receive any government benefits that are due to them.
You will need to decide who is going to act as the trustee. This is the person or entity that will manage the funds of the Trust and distribute it appropriately based on the wishes of the special needs person and the terms of the Trust. The Trustee will also be paid a fee as compensation as serving as Trustee. These fees are typically paid annually and may be a percentage of what the assets of the Trust.
The legal fees associated with a Special Needs Trust in Middleton Wisconsin will vary. After assessing your needs, Krueger Hernandez & Thompson SC will quote you a fixed amount that it will costs to set up a Special Needs Trust.
A well-drafted revocable living trust will also have special need trust provision within it. This will safeguard against the possibility of a beneficiary who subsequently becomes special needs after the creation of your revocable trust.
Leaving your special needs loved one more than $2,000 will have an impact on his or her government benefits and can put him or her at serious risk. To get more information about Special Needs Trusts and Estate Planning in general visit our website at KH-LAW.net.