The Benefits of Special Needs Trusts
As the average life span of our population continues to increase and the elderly and persons with disabilities live longer than ever before, attorneys are challenged to properly protect them. The United States government provides financial assistance through Medicaid, Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) to some extent, but it is rarely sufficient to meet all of the needs of the disabled. A special needs trust is a crucial legal tool which holds assets to care for and protect the elderly and persons with disabilities while allowing them to continue to receive their government benefits.
Special needs trusts may be created with the proceeds from a judgment or settlement or by a loved one with concerns for a beneficiary in need. Amoruso & Amoruso LLP is ably prepared to handle all pre- and post-settlement needs of persons with disabilities, as well as proper planning for their future. Our Founder and Managing Partner, Michael Amoruso, was born with bilateral hearing loss and over time gradually lost his vision. He is now legally blind. He is committed to helping persons with special needs and has received a U.S. Congressional Proclamation for his work in elder law and special needs law. He also spearheaded a change in federal and state law that allows a disabled individual to create his or her own special needs trust.
Special Needs Trusts offer a wide range of benefits, such as:
- Preserving eligibility for government benefits
- Providing funds to pay for goods and services not covered by government benefits, such as advanced medical and dental care, specially-equipped vans, training and education, travel, recreation and entertainment, electronic equipment, a car, ride share membership, a bus/rail pass, a home, help with starting a business, and more
- Protecting a case settlement from being immediately depleted due to the high cost of health care
- Keeping assets within the family
- Giving family members much needed peace of mind by providing funds to care for their loved ones who may not be able to care for themselves
To learn more about the benefits of special needs trusts, contact us for a personal meeting to discuss your unique needs and goals.