Understanding Disability Trusts
Different types of trusts can be used to accomplish different purposes. For example, special needs trusts can be helpful in situations in which a disabled person has significant assets, whereas supplemental benefits trusts can help in situations in which a disabled person’s family wants to give money to the disabled person.
The Advantages Of A Supplemental Benefits Trust
Supplemental benefits trusts offer several important advantages to families concerned about providing for the future needs of loved ones. These advantages include:
- The option for multiple family members to contribute to a trust or name the trust as the beneficiary in their wills
- The fact that money put into the trust does not have to be used to pay back Medicaid
- The fact that a supplemental benefits trust can be established as an empty shell until it is funded
Every disability situation is different and should be evaluated by a qualified professional.
Get Sound Advice And Guidance Regarding Your Options
At Rice & Quattrone, PC, we are well-versed in all aspects of elder law, special needs law and estate planning. We have been involved in the establishment of disability trusts and other complex trusts at our firm since 1991. If a supplemental benefits trust (or another type of trust) is in your best interest, we can help you create one.
Disability Trust Attorneys Serving Cherry Hill, Linwood And All Of New Jersey – Contact Us
Our attorneys at Rice & Quattrone, PC, are admitted to practice in New Jersey and Pennsylvania. We serve residents of those states and as the local representatives for out-of-state executors and beneficiaries of wills and estates in New Jersey and Pennsylvania probate courts.
Do you have questions that can only be answered by a lawyer? Contact us online or over the phone to discuss your needs with an experienced attorney in Cherry Hill at 856-673-0048 or Linwood at 609-398-3447.