Numerous Americans rely on government benefits to survive. Any inheritance can jeopardize your loved one’s Supplemental Security Income or Medicaid benefits.
Our San Luis Obispo special needs trust attorneys can help you avoid losing benefits. Contact the Law Offices of Andrew Cohen today and schedule a free consultation by clicking here or calling 661-481-0100.
Why Contact the Law Offices of Andrew Cohen
Attorney Andrew Cohen is unique in his field, coming from an extensive background of various industries. As a family man himself, he recognizes the need to protect and take care of loved ones.
At the Law Offices of Andrew Cohen, our dedicated legal team:
- Knows every situation is different and works hard to understand clients’ concerns, goals, and desires
- Has extensive experience employing various asset transfer tools and financial planning strategies
- Has successfully drafted several comprehensive estate plans, wills, trusts, and other economic documents
Call our San Luis Obispo special needs trust attorney today. We will help you stay on track to protect the financial assistance you need.
What Does a Special Needs Trust Attorney Do
Transferring assets to a loved one who collects government assistance will disqualify them from future benefits. However, the Law Offices of Andrew Cohen have a few strategies they can employ to protect both your assets and their eligibility.
A special needs trust, or supplemental needs trust, allows you to leave property directly to your loved one. When a person is chronically ill or physically or mentally disabled, the trust will provide a source of income without jeopardizing their benefits.
According to the Centers for Disease Control and Prevention (CDC), over 61 million Americans currently live with a disability:
- 13.7% of Americans live with a disability related to mobility
- 10.8% have cognitive-related disabilities
- 5.9% are hearing disabled
- 4.6% have a disability related to vision
- 3.7% cannot provide self-care, like bathing or dressing
If you have a loved one with a disability, there are three types of special needs trusts that may be needed depending on your unique set of circumstances:
- First-party: If your loved one is under 65, a first-party trust will allow them to own money and assets until their death. After, any assets left will go to repay the government for any assistance given.
- Third-party: A third-party trust will allow all family members to contribute to the trust without any assets being given directly to the beneficiary. No funds need to be paid back to the government.
- Pooled: A non-profit organization can manage your loved one’s trust as part of a pool. It can be drafted as either a first- or a third-party special needs trust, and a portion of the remaining trust assets after the beneficiary’s death will go to the organization.
Contact Our Special Needs Trust Attorney in San Luis Obispo
Attorney Andrew Cohen is here to help you determine the best course of action to protect your family’s financial interests. Our San Luis Obispo special needs trust attorneys will help you set up your loved one properly.
Ensure that you can still provide for your loved ones without reducing their public assistance disability benefits. Contact the Law Offices of Andrew Cohen today for a free consultation of your case by clicking here or calling 661-481-0100.
