Special Needs Trusts

Lubbock Special Needs Trust Attorneys

Special needs families have many rewards, but they face several challenges as well. One of those is preparing for a special needs loved one’s care after you are gone.

A special needs trust could be the answer. A lawyer can help you learn more and find out if it’s what your family needs.

In Texas, a special needs trust is like a savings account for someone with a disability. It lets them save money for their needs without losing their government benefits. It can even protect their assets from certain creditors.

A Lubbock special needs attorney can ensure your loved one can afford the care they deserve in the future with a special needs trust.

Please don’t wait until it’s too late. Secure your future with Beck Law Firm, your compassionate partner in special needs trusts. Call us today at (806) 531-3542

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What Special Needs Trusts Are Available?

  • Third-Party Special Needs Trust (Discretionary Trust): A family member or guardian must create this trust to benefit a disabled person.
  • First-Party Special Needs Trust (Self-Settled Trust): The assets of the disabled individual fund this trust. It could be with an inheritance, lawsuit settlement, or personal injury award.
  • Pooled Trust: Nonprofit organizations manage pooled trusts. They combine the assets of multiple individuals with disabilities for investment purposes. Every beneficiary has an account within the trust, and the trust funds cover their supplemental needs, including housing, food, healthcare, and living expenses.
  • ABLE Account: An Achieving a Better Life Experience (ABLE) account is a tax-advantaged savings account with annual contribution limitations for disabled individuals. It allows them to save and invest money without affecting their eligibility for Supplemental Security Income (SSI) and Medicaid.
  • Miller Trust (Qualified Income Trust): This type of trust is explicitly used for Medicaid eligibility when an individual’s income exceeds the allowable limit. It allows excess income to be placed in the trust, ensuring the individual remains eligible for Medicaid coverage.

Consult with an attorney experienced in special needs planning to determine which type of trust is most appropriate for your specific situation, as the rules and regulations governing these trusts are complex and vary depending on the circumstances.

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