How to Set Up a Special Needs Trust in Texas
How to Set Up a Special Needs Trust in Texas
Overview
The information in this blog comes courtesy of Dallas special needs trusts attorney, Vermillion Law Firm LLC. It discusses special needs trusts in detail and dispels any misconceptions with regard to this topic. If you have a loved one with any sort of special need, you will want to pay close attention to this blog.
Definition of Special Needs Trust
It is a legally binding arrangement that allows a person with a special need to receive income without jeopardizing their government-issued benefits. The specific need of the person can be a physical disability, an emotional one, or a mental one.
The benefits the disabled person might be receiving include, but are not limited to, social security disability or Medicare. When a trust is set up for this person, they are legally still entitled to receive these benefits.
Who Manages the Special Needs Trust?
Typically, it is managed by someone designated as having a fiduciary relationship to the disabled person. The fiduciary acts on the behalf of the special needs person. They make all appropriate decisions and manage the assets of that person.
A special needs trust in Dallas or any other place is an important matter and must be handled properly. That is why it is essential to have a TX special needs planning attorney like Vermillion Law Firm LLC on your side.
Who Is Covered by a Special Needs Trust?
It is any person with a disability of any type, albeit mental, emotional, or physical. Examples can be someone who has a debilitating disease or is permanently confined to a wheelchair. Another example of such people can be someone legally deemed mentally retarded, has Down Syndrome, or a mental disorder such as panic disorder. These are just a few examples. It can cover many more people in addition to those.
Is There Anybody Else Involved in a Special Needs Trust?
In a way, yes. Anyone is able to contribute policy ideas or actual money to the trust. Although it is usually parents setting up the fund for one or more of their children, there does not have to be a close family relationship in order to contribute.
An exception to this rule is the beneficiary themselves. Beneficiaries of a special needs trust fund are NOT allowed to contribute ideas or money to their own fund. That is the law in Texas and most likely anyplace else says our source, the well-known Texas special needs planning lawyer.
Is There a Difference Between a Special Needs Trust and a Regular Trust?
Definitely yes! The process usually referred to as a living trust is a tool utilized in planning someone’s estate. It is often a substitute for having a will. The laws governing a living trust are also vastly different. Just ask the Vermillion Law Firm LLC, an expert on special needs trust Dallas.
A special needs trust does have some similarities. However, its chief purpose is to ensure proper provisions are met for the benefit of a person with a disability. That person can be a spouse, a child, or a grandchild. An attorney with specific knowledge and expertise on this subject is qualified to help.
Is a Special Needs Trust a Necessity?
If you have a person in your immediate family with a special need, having a trust is absolutely a necessity. What if something happens to you? You could become mentally or physically incapacitated or pass away. Then what will happen to that loved one?
The whole objective of this fund is to ensure your special needs loved one is taken care of when you can no longer do it yourself. What is also necessary is to have an expert in special needs planning in Texas, like those at Vermillion Law Firm.
What If You Don’t Live in Texas?
You can still hire this firm. They will handle your case on a remote basis and make sure your representative knows every applicable law of the state you do live in.  If nothing else, you can use their expertise to guide you in finding a comparable attorney closer to you. Do yourself and your special person a favor, call Vermillion Law Firm today!
