Top estate planning attorney Fred Haiman, partner at Haiman Hogue in Frisco, TX, has just recommended the top questions parents should ask if they are considering a special needs trust for their child. For more information please visit https://www.haimanhogue.com
— In a recent interview, leading estate planning attorney Fred Haiman, partner at Haiman Hogue in Frisco, TX, has just revealed three key questions that parents who are considering special needs trusts should ask.
For more information please visit https://www.haimanhogue.com
When asked to comment, Haiman said, “Setting up a special needs trust is complicated, but it could be the only solution for many families to ensure ongoing quality of life for their disabled children. One of the absolute worst things that can happen to a special needs person is for them to receive an inheritance outright. This can result in loss of government benefits like Medicaid and Supplemental Security Income (SSI). Here are a couple of questions to make the process go more smoothly."
One of the most crucial questions that parents should ask, according to Haiman, is what the trust will be used for.
“Special needs trusts allow your child to be eligible for much-needed government assistant programs while still receiving trust money. The money in the trust could be used on things not covered by government programs such as insurance, transportation, and equipment such as a customized van,” he said.
Funds set aside in a special needs trust could also be put toward further improving quality of life, such as activities like going to the movies or vacation or equipment like computers.
Another question to ask, Haiman says, is how the parents plan to fund the trust.
When asked to elaborate, he commented, “The earlier the trust is created, the easier it will be to start putting money away. If both parents are healthy, then it might be a good idea to make the special needs trust the beneficiary of any life insurance policy or retirement benefits.”
“Parents with special needs children could also consider asking extended family and friends to leave gifts and inheritances to the trust,” he added.
Deciding on who will manage the special needs trust is also essential.
“While you’re alive, you’ll be able to manage the trust, however, after passing, those responsibilities will fall onto someone else to ensure that your trust will be executed the way you want and intend it to be,” he commented.
Haiman recommends, depending on the size and complexities of the trust, it might be a better idea to consider a neutral third-party such as a professional trustee or a team of advisors, instead of opting for family members to manage the trust.
“Many people decide to put their other children in charge of the trusts, but this often leads to complications.”
Name: Fred Haiman
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Organization: Haiman Hogue, PLLC
Address: 999 18th St #30002595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Release ID: 88950738