I created Jeppesen Law in major part to focus on providing an Estate Planning opportunity for families with young children to protect the little ones we love, without fear of dealing with the traditional law firm.
Special Needs Trusts are offered as part of helping parents of young children. Special Needs Trusts can be beneficial in two practical areas involving leaving an inheritance to a child.
First, is leaving an inheritance to a child, even an adult child, who may never have the capabilities of managing his or her inheritance if allowed full control over it.
Second, is leaving an inheritance to a child, even an adult child, who is currently living off of government benefits and the inheritance will result in the loss of those benefits until the inheritance has been spent.
A Special Needs Trust can address both of these family dynamics.
In the first instance, the trust can be set up to whether a specific beneficiary (or all the beneficiaries) will receive certain amounts of assets at certain times, under certain conditions, or both. Thereby, both protecting the child from himself or herself, and protecting the child from potential predators looking to take advantage.
The second instance requires the use of specific language in the trust and some hands on administration of the trust assets, but it can be a best case scenario for your child. Your child, or grandchild, can receive their full inheritance and continue to receive their primary governmental benefits. This way, the inheritance you leave them will not detrimentally affect them.
If you know that you have a child with a special need, do what is best for them and plan their inheritance today. Call Jeppesen Law at 208-477-1785 to schedule a free initial consultation to talk about setting up your Special Needs Trust.