Special Needs Trusts Lawyers Pittsburgh, PA
Estate planning attorneys help you provide financial support to those with special needs in Pittsburgh
A special needs trust is an important financial tool to preserve assets for a special needs beneficiary. Many people with special needs receive medical and financial support from programs such as Supplemental Security Income (SSI) and Medicaid. Participation in these programs is subject to financial eligibility. Social Security benefits are lost if the beneficiary has more than $2,000 in resources.
There are three different types of trusts that can be used to manage assets while maintaining eligibility for SSI and Medicaid:
- Third-party-funded special needs trust – a trust funded by someone other than the special needs beneficiary
- Self-funded special needs trust – a trust funded by the special needs beneficiary
- Pooled special needs trust – a trust funded similarly to a mutual fund
Our Pittsburgh law firm can assist you in the creation, funding and administration of a special needs trust. When drafting the trust, it is important to use proper language regarding any payback requirement to the Social Security Administration, Medicaid or other sources of support. A self-funded trust is the only trust that would be subject to payback. Only the money that was funded from assets originally belonging to the beneficiary, such as wages and savings, are subject to payback.
Special needs trusts are also known as supplemental needs trusts. They are used to provide extra care that is needed beyond what is afforded by SSI and Medicaid, without compromising eligibility for those services. They can be used for travel and entertainment. They can also be used for funeral expenses.
Each trust is set up under a federal identification number, not a Social Security number. The trust must be irrevocable. The trust protects the beneficiary’s assets from judgments and from creditors.
Helping protect your disabled loved one
To discuss your specific needs and find out how our special needs trusts attorneys can help you, please call us at Fingeret Law at 412-486-6624 or contact us online. We have served the Greater Pittsburgh community for more than 40 years in the practice areas of estate planning, elder law, nursing home abuse, medical assistance planning, estate planning, wills, probate and guardianships. We travel to clients.