The Complete Guide to Creating a Special Needs Trust: Georgia Laws, Requirements, Costs, & More
Speak with a Special Needs Trust Attorney in Cherokee County, Georgia.
What Is a Special Needs Trust Georgia?
A special needs trust Georgia is one way to make sure that your loved one is provided for, even after you are gone.
A trust set up for a person with special needs with money that will supplement government benefits like Social Security is known as a special needs trust. It should be written and set up in a way that the person can simultaneously receive benefits from government programs and money from the trust.
Basics of a Special Needs Trust in Georgia
A special needs trust works when the three parties involved work together. The first party is the donor who supplies the money, while the others include the trustee who administers the money and the disabled beneficiary who receives the money.
Sometimes, the beneficiary’s wishes are made known to the trustee through a document. This lets them know how the beneficiary wants their assets doled out.
Trusts are common in estate planning. The special needs trust – like any other trust – will remain in place even after the donor dies. It is a sure way to manage assets in the event of the donor’s death. If you are interested in setting up a special needs trust for yourself or a loved one, the trusted estate planning lawyers at Faulkner Law can help guide you through the process.
What Is a Special Needs Trust Intended For?
A special needs trust is intended to manage a person’s assets so they can still receive other benefits. This ensures that an individual with disabilities can have access to all the financial and medical resources they need to have the highest quality of life possible.
There are three types of these trusts: the pooled trust, the first-party trust, and the third-party trust. In all three, the special needs person is the beneficiary. Here is a brief summary of each:
- First-Party – Holds funds for a special needs person from a settlement or inheritance.
- Third-Party – Holds funds from people who want to help.
- Pooled Party – Holds funds for many beneficiaries.
What Can a Special Needs Trust Pay For?
Special Needs Trust Restrictions
How Much Does it Cost to Set up a Special Needs Trust?
The main reason for the different number of trusts is the law surrounding Supplemental Security Income (SSI). Aged, blind, or disabled people with little or no incomes can receive the assistance of SSI. To establish eligibility for government assistance, the beneficiary must have a disability and have less than $2,000 in countable assets in their possession. If they have more for any reason, they may qualify if the money is put into a first-party trust.
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