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 set up a Special Needs Trust for Party B. This legal document, also known as a Supplemental Needs Trust, is designed to benefit individuals with disabilities. A Special Needs Trust can be a standalone document or part of a Last Will and Testament.
This trust allows a person with a physical or mental disability, or a chronic illness, to have assets held in trust for their benefit without those assets counting against certain government benefits. Properly drafted, these trusts help ensure that Party B’s financial needs are met while maintaining eligibility for necessary assistance.
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.