revocable living trust

A Revocable Living Trust is an instrument used primarily to help people avoid probate and explain how your assets will be handled upon your incapacity or death. The Trust terms govern only the assets in the trust, so it is crucial to put assets in the Trust during your lifetime. You, as the creator of the trust, can still change the trust terms or pull assets out of the trust at any time before your death. At the end of your life, the person you name as Trustee will have the responsibility of managing the trust according to the specific terms you set.

Any assets you own at the end of your life, that you did not put into the Trust during your life, will pass through your estate, and will be governed by your Last Will and Testament.

Special Needs Trust

A Special Needs Trust is a Trust made for the benefit of a person with a disability. It has specific terms that allow the assets held in the trust to not be counted against that person for government benefits purposes.

If you have a child or grandchild with a disability and wish to leave them something at the end of your life, creating a special needs trust for their benefit is vital. In many cases, having a Special Needs Trust can make the difference between being eligible for government benefits and not being eligible. Supplemental Security Income (SSI) and Medicaid are benefits available to disabled persons who meet strict financial criteria.

Since a trust is technically a separate entity from the person whom it benefits, a person with a disability can have a trust for their benefit without the assets in the trust counting as their own. The terms that govern the Trust depend on whose money is going into the trust, and the benefits the disabled individual may want to receive in the future. We can assist you with creating the right Trust for your loved one.