Third-Party Special Needs Trust
Your assets can be placed in a “special needs trust” (SNT) or a “supplemental needs trust” for the benefit of a loved one who is disabled without endangering their eligibility for Social Security Income and Medicaid benefits. This type of special needs trust is generally created by a relative of the disabled individual (i.e. parent, grandparent, sibling, etc.), and therefore is commonly called a Third-Party Special Needs Trust. These trusts can be created through a last will and testament, a revocable living trust, or an irrevocable living trust.
A Third-Party SNT is usually funded with assets belonging to the grantor of the trust, but others can also contribute to the trust for their loved one’s benefit. However, the disabled individual’s assets cannot be placed in a Third-Party SNT.
A Trust Lawyer Can Help
The law surrounding Special Needs Trusts is complicated. Plus, the facts of each case are unique. For more detailed, specific information, please contact The Law Office of Richard W Hartman III at (703) 255-7005.
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Richard W. Hartman III founded The Law Office of Richard W. Hartman III, Attorney & Counselor at Law, PLLC to provide clients with honest, ethical, efficient, quality legal services.
Mr. Hartman began his career with a boutique trust and estate law firm, concentrating his practice in the administration of trusts and estates, which included the preparation of fiduciary accountings for trustees, executors and conservators. While working with that firm he also represented fiduciaries and beneficiaries alike in litigation involving challenges to the validity of wills and trusts, as well as protecting the interests of beneficiaries. Mr. Hartman also spent a considerable amount of his time with that firm assisting clients with guardianship and conservatorship matters.
Through those experiences Mr. Hartman came to desire a better way to serve clients and practice his profession. It became clear that offering his professional services directly to the general public was the best way Mr. Hartman could assist clients while maintaining the highest ethical and professional standards for himself, his work product, and his firm. This realization led Mr. Hartman to form The Law Office of Richard W. Hartman III, Attorney & Counselor at Law, PLLC.