Special Needs Trusts In Colorado
If you’re responsible for taking care of a loved one with special needs, and are concerned about what will happen if you’re no longer able to provide support, or you pass away, a special needs trust could offer a solution.
Have questions about setting up a special needs trust in Colorado? Call (720)-340-2783 to set up a free consultation with a special needs trust attorney.
What Is A Special Needs Trust
A special needs trust is a unique type of trust that is set up to provide financial support for people with physical or mental disabilities. Special needs trusts are usually administered by a family member of the beneficiary of the trust, and money isn’t given directly to the special needs person. Instead, the trustee will pay for necessities (services and products).
Medicaid And Supplemental Security Income (SSI) Eligibility
If someone you love is currently receiving Medicaid benefits or Supplemental Security Income (SSI) benefits, these benefits are paying for their healthcare needs, which are typically extremely expensive. Receiving a lump sum of money or other assets from your estate could jeopardize those government benefits, ultimately harming the beneficiary. Other types of benefits that could be lost, if a special needs trust isn’t set up properly, are vocational rehab benefits and subsidized housing.
Who Can Benefit From A Special Needs Trusts
Typically, special needs trusts are set up to benefit people who have physical or mental disabilities, and can’t manage their own finances, including:
- children (minors and adults)
- other relatives
How To Set Up A Special Needs Trust In Colorado
Because of the complexity of Medicaid and SSI rules, a special needs trust is one of the most difficult trusts to set up in Colorado. As a law firm that focuses on estate planning and trusts, we can help you with all aspects of a special needs trust, from advice about how to set it up, to safeguards to make sure that it’s properly administered.