How Special Needs Trusts Can Help Your Loved Ones

Any assets passed to an heir or beneficiary are vulnerable to misuse or losses. The inheritance itself could also render a beneficiary ineligible for crucial benefits. As you outline your financial and medical intentions in the event of your passing or incapacitation, make sure you understand how estate gifts will influence the recipients — particularly those with special needs.

The Legal Team To Protect Your Assets And Beneficiaries

At Vancrum Law Firm, LLC, in Overland Park, we help people carefully and strategically plan for the future. If you have a minor child, an adult child or another loved one with special needs, let us help you understand how to best protect them and provide a secure future.

Attorney Bob Vancrum has more than 35 years of experience in estate, business and real estate matters throughout Kansas City and surrounding areas. His knowledge of the law is supplemented by an in-depth understanding of business and investment matters. He has an advanced degree in Tax law and has represented numerous small-business owners with complex assets to consider in estate planning.

Make sure you consult an experienced and distinguished legal team before finalizing your estate plans. Attorney Robert Vancrum can work with you personally to make sure things are done right.

Why Do I Need A Special Needs Trust?

If your assets are transferring to an individual with special needs, a simple will alone will not provide adequate protection. The individual will likely need help managing financial gifts if he or she is mentally disabled or suffers from an illness that limits his or her ability to manage finances.

Through a special needs trust, you can pass on valuable assets and provide for the beneficiary without leaving the estate subject to tax penalties or misuse. You also avoid giving lump-sum financial or physical property that would increase the beneficiary's assets and render him or her ineligible for benefits like Medicare or Supplemental Security Income (SSI). Assets can then be distributed by way of an appointed trustee whose duty is to distribute trust funds in the beneficiary's best interest.

While the beneficiary may technically have large sums of money in the trust fund, he or she only receives disbursements for necessary expenses. The disbursements therefore reflect a more moderate level of income, leaving the individual eligible for important health and financial benefits from other sources.

Choosing The Trustee — Your Lawyer Can Help

When you set up a special needs trust, make sure you choose a trusted family member or close friend who will look out for the beneficiary's best interests. If a trustee cannot be appointed, the court will appoint one. Our firm can help ensure every decision is made in your and your loved ones' best interests.

We welcome you to arrange a no-obligation consultation and learn more about your options. Contact us online or by telephone at 913-948-9400.