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Special-needs Trusts

Reprinted from PN July 2003

Here's a look at one of many planning options now available to secure the financial future of people with disabilities.

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One of the biggest concerns voiced by families of people with disabilities is how best to fund their long-term personal and financial needs in a manner that will secure for them a full—and fulfilling—lifestyle geared to their specific abilities and preferences. Increasingly, lawyers recommend the “Special-needs Trust” (SNT), a flexible and effective option to provide for immediate and future benefit of individuals with disabilities. This planning vehicle can be established and customized to address the unique circumstances of each family facing the daunting task of securing the future of a loved one with a disability.

In the July 2003 issue, attorney Kristen Lewis Denzinger, of the Tax Law Practice Group at Smith, Gambrell & Russell, LLP, guides readers toward determining which SNT is best for them, describes the types of support and care an SNT may fund, tells how to go about establishing and funding an SNT, and offers tips for selecting a trustee and a qualified legal specialist.

According to Denzinger, people with disabilities and their concerned families no longer need to contemplate a grim future with limited options. At long last the public has a heightened awareness of the many planning options available to secure the future of individuals with disabilities. This, coupled with the swelling ranks of professional advisors able to render competent advice in this emerging area of law, bodes well for the disability population and those who tirelessly provide the best care for them.

 

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Special-needs Trusts

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