One of the most typical reasons to create a Trust is to care for the long-term needs of another. For many, this includes providing care for those with special needs. These could be adult children who suffer from mental or physical disabilities or kids who have not yet reached the age of 18. Special needs Trusts can also benefit the holder of assets who lacks the mental capacity to properly handle this money or property.
With this in mind, not all types of Special Needs Trusts in Georgia are the same. They can differ significantly in which parties have the ability to create the arrangements and which body of law governs their creation and maintenance. If you are considering forming these plans, an attorney can address your questions and begin planning for the future of your loved ones. Contact a dedicated attorney at our office today.
Many Special Needs Trusts exist to provide income and stability to others who suffer from physical or mental disabilities. These beneficiaries are usually adults but may also be children under the age of 18. A person creating these Trusts aims to provide these parties with the income that they need to care for their long-term needs once the creator either retires or passes away.
Third-Party Special Needs Trusts have their basis in Georgia law. For example, the Official Code of Georgia Annotated § 53-12-240 says that trustees in these arrangements must act in good faith towards both the purpose of the trust and the benefit of beneficiaries. In sum, this requires a trustee to hold Trust property separate from other assets, take all necessary steps to help Trust property retain its value, and distribute the money or property as dictated by the arrangement at the proper time. This can give a person with special needs a steady stream of income for the foreseeable future.
Occasions can arise where the owner of property is no longer able to properly administer those assets or care for their own well-being. In these scenarios, it can be useful to create First-Party Special Needs Trusts that allow a trustee to take control over these assets and distribute funds to the original owner as necessary.
People with mental or physical limitations may become the owners of property in a variety of ways. These typically include being heirs in a will or receiving a court settlement. In other scenarios, a person previously of sound mind or body may suffer an accident or illness that now limits their ability to care for their own needs. A First-Party Trust allows a trustee to take control of these assets and provide a proper distribution to beneficiaries.
First-Party Trusts are products of federal law, and courts can often mandate the creation of these plans to ensure the protection of the interests of those with special needs. An attorney can provide advice concerning these arrangements if you foresee that a pending medical condition may soon leave you unable to care for your own welfare.
Providing for the long-term care of those with special needs can be a challenge. Special Needs Trusts can help to ensure the protection of assets and the long-term care of your loved ones. There are different types of Special Needs Trusts in Georgia, and determining which is right for you and your family is best done with the help of an experienced attorney. Our team understands the intricacies of these cases and can work with you to make a plan that accounts for your specific needs. To learn more, set up your free consultation today.
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