A special needs trust In Oklahoma is a part of a well planed estate. It is crucial to have an estate plan to help ensure that your belongings and assets go to the people you want them to after you’ve passed away. When considering what documents you’ll need to execute as part of your estate plan, it is essential to consider whether you should set up a special needs trust in Oklahoma.
In Oklahoma, a special needs trust can be used for potential beneficiaries who are receiving government assistance through programs such as Social Security disability or Medicaid. These programs are only available to people who have specific needs.
Since income limits for government assistance programs are so strict, leaving a beneficiary a large sum of cash can cause them to lose their benefits. By creating a special needs trust, any assets you intend to leave to an individual with special needs can supplement their government benefits and improve their quality of life without compromising their eligibility for benefits programs. By making this effort, you can rest assured that a beneficiary will not be kicked off the government assistance they receive due to their inheritance or assets passed along during your lifetime.
How Does A Special Needs Trust Work?
Within the trust document, you will name a trustee. The trustee of the special needs trust will ensure that your beneficiary will receive funds in a way that will ensure their benefits are not lost. When deciding whom to name as trustee, you’ll want to choose someone who understands government benefit programs and their eligibility requirements. The attorney who drafts the trust can offer suggestions on who could serve as its trustee.
Can I Create One Myself?
Individuals often want to do things themselves to save on costs. Although you could potentially write a valid special needs trust in Oklahoma without the help of an attorney, you are risking thousands or even hundreds of thousands of dollars for your potential beneficiary. If you leave money in a special needs trust for a beneficiary but do not write it correctly, it may cause the beneficiary to lose their government benefits.
Even with a well-intentioned trust, you may cause your beneficiary significant hardship if they lose their benefits. If you want to ensure that your beneficiary can enjoy the inheritance or assets passed on during your lifetime and still remain eligible for government benefits, it is vital to have an experienced attorney help you draft and understand the benefits of high quality estate planning.
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Trust Attorneys Near You
We Are Here To help as you are constructing your estate plan, we can assist and guide you along the way. Our Tulsa trust attorneys have extensive experience in special needs planning, and we want to help you ensure that your beneficiaries are protected. We can help you avoid probate and keep your assets out of the view of the public eye and the courts. Call Kania Law Office at 918-743-2233 or visit us online for more information.
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