Supplemental & Special Needs Trusts
Supplemental and special needs trusts are trusts for disabled beneficiaries to ensure their economic needs are met throughout their lives without interrupting benefits such as Social Security Disability or Medical Assistance in Minnesota. These types of supplemental disability trust fund prioritizes the real and potential future needs of you or your loved one with your family’s current economic realities by ensuring that funds are available to provide for those expenses for the benefit of a loved one with a disability which are not covered by governmental programs they may benefit from in Minnesota.
Supplemental and Special Needs Trusts for Children
Creating a supplemental needs trust for your child with a disability, regardless of their age, is essential to ensure their future care is uninterrupted. Supplemental and special needs trusts for disabled beneficiaries ensure that your child will be taken care of later in life, regardless of their inheritance or other future financial circumstances. Generally, in MN, the earlier you create a supplemental need trust fund for your child, the better.
Financial Planning for Disabled Adults
A supplemental need trust fund is an essential element of financial planning for disabled adults and adults with a disability in Minnesota, to assist in reducing the likelihood that people with disabilities experience interruptions in, or loss of, governmental programs they may qualify for supplemental disability trust fund can hold many different types of property, including cash, bonds, real estate, stocks, patents, businesses, and physical items such as coins or jewelry. Placing this property in trusts for disabled beneficiaries causes it to become owned by (an asset of) the trust, thereby limiting the way in which the money or things owned by the trust can be used for the benefit of the person with a disability but also ensuring that a potentially damaging loss of services for the person with a disability are less likely to occur due to unforeseen financial circumstances in the state of Minnesota.
Setting up a Supplemental and Special Needs Trust in MN
A supplemental needs trust MN lawyer will work with you to create the trust document that meets the current and future needs of your loved one with a disability and is compliant with all Minnesota laws and regulations for supplemental disability trust funds. Additionally, a special needs trust lawyer can assist you to create a special needs trust where a supplemental needs trust would not be appropriate. There are many issues to be concerned with when setting up and administering a special needs or supplemental needs trust, making the supplemental need trust fund ready to be funded through inheritance, living trusts, or other income or property sources inside and outside of Minnesota.