Some types of Trusts:
Special Needs Trust
Many people face the challenge of supporting a disabled child or relative. One of the greatest areas of concern is how to fund the individual’s lifetime needs after the parents or guardians are deceased, as a direct inheritance may cause problems with obtaining critical benefits. Askew Legal believes it is important to use Trusts to preserve all of the benefits available and to bring enjoyment and enhanced quality of life to the beneficiaries.
A Special Needs Trust can provide you with the solution you need. They are used to enable a person under a physical or mental disability, or an individual with a chronic or acquired illness, to have, held in Trust an unlimited amount of assets that are not considered countable assets for purposes of qualifying for certain governmental benefits. (Benefits such as Supplemental Security Income (SSI), Medicaid, vocational rehabilitation, and subsidized housing.) These funds are to be used for supplemental and extra care, over and above what the government provides.
First Party Self Settled Special Needs Trust
A special needs trust created with the disabled person’s own accumulated assets or when there is a personal injury lawsuit and the disabled beneficiary receives a settlement. The settlement funds can be made payable to the special needs trust for the benefit of the injured person.
Third Party Special Needs Trust
A special needs trust can also be created as part of your estate planning. This allows you to create the trust for a loved one at your death by transferring your assets or life insurance proceeds to the trust at death.