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Types of Special Needs Trusts in Woodstock

The primary purpose of a special needs trust is to provide a steady source of income to someone who would otherwise be unable to support themselves. At the same time, these trusts can greatly benefit those who establish them in the form of tax breaks and peace of mind.

There are two main types of Special Needs Trusts in Woodstock. They serve the same purposes but meet the requirements of the beneficiary in different ways. A trusts attorney is ready to provide more information about Special Needs Trusts and get started providing for the care of friends and loved ones.

Trusts that Help Property Owners

Property owners with special needs face a variety of situations that demand particular legal remedies. Perhaps a progressing illness or injury threatens to lose you substantial money and assets you have earned over many years of hard work. Or perhaps a close friend or family member in Woodstock recognizes your failing health or declining faculties and wants to take steps to provide protection through some type of Special Needs Trust.

A First-Party Trust may be the best option in these situations. These arrangements allow you to create a Trust and designate yourself sole beneficiary. You can also nominate a trustee who must take care of these assets and distribute them to the maker at the proper time. This can ensure that progressing conditions do not jeopardize your assets.

Third-Party Trusts for the Care of Others

The other type of special needs trust common in Woodstock is the Third-Party Trust. Here, a parent, friend, or family member funds the trust with their own money and dictates that the Trust must provide support for the nominated beneficiary. As with other Trusts, it is vital to choose a trustee who is prepared to act in accordance with their duties of good faith under the Official Code of Georgia Annotated § 53-12-240. An attorney can help choose the form of trust that works best for you and draft documents that give those trusts the intended legal effect.

Creating a Trust may Also Benefit Its Creator

A key thing residents of Woodstock ought to know about these types of Special Needs Trusts is that the trust maker no longer has any obligations toward the property they place into these Trusts. This includes paying taxes on those items. For this reason, placing assets into a Trust can bring significant benefits to trust makers creating a Third-Party Trust. At the same time, it can be helpful with First-Party Trusts to require a trustee to maintain property and take other steps to preserve the value of assets when you may no longer be able to make these decisions.

Speak with an Attorney Now to Learn More About the Types of Special Needs Trusts

Providing long-term care for those with special needs is always a challenge. This can include both situations where a family member is likely to require maintenance for the rest of their life and scenarios where someone with limitations comes into the ownership of assets or money. Special Needs Trusts can help to ensure the protection of assets and the long-term care of these people.

Choosing the right type of Special Needs Trust in Woodstock can benefit both someone with special needs as well as the creators of these arrangements. Our dedicated attorneys are ready to take your call, listen to your concerns, and take the steps necessary to provide the needed protection. Call today to get started.

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