Full question:
Party A is the parent of a special needs child. Party A is sick and is concerned about the welfare of Party B (the special needs child). What can Party A do to make sure that Party B is taken care of?
- Category: Trusts
- Date:
- State: Alabama
Answer:
Party A can prepare a Special Needs Trust for Party B. A Special Needs Trust (sometimes called a Supplemental Needs Trust) is a specialized legal document designed to benefit an individual who has a disability. This trust is most often a C"b,Estand aloneC"b,B document, but it can form part of a Last Will and Testament.
A Special Needs Trust enables a person under a physical or mental disability, or an individual with a chronic or acquired illness, to have, held in Trust for his or her benefit, an unlimited amount of assets. In a properly-drafted Special Needs Trust, those assets are not considered countable assets for purposes of qualification for certain governmental benefits.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
