Are you worried about the financial future for your disabled child or grandchild? If so, you should consider establishing a Special Needs Trust to receive and manage assets for your child or grandchild. Under Pennsylvania law, a third party Special Needs Trust is funded with resources from a parent, grandparent, relative or friend and allows a disabled beneficiary to receive trust funds while not simultaneously being disqualified from government assistance programs such as Medicaid or Supplemental Security Income. Ultimately, the trust’s funds can be used to assist with the costs of care and services over and above those the government otherwise provides until the funds are exhausted.
The attorneys in our Estates and Tax Practice Group regularly assist individuals in establishing Special Needs Trusts. If you are interested in learning more about these services, please contact Catherine Mihalick of our Estates and Tax Practice Group (firstname.lastname@example.org). We are here to help!