Families with disabled relatives may find that a Special Needs Trust is an excellent means for ensuring that that individual's assets are protected and used for their benefit. At Kirby Law, we bring knowledge and compassion to our clients who would benefit from a Special Needs Trust.
Ms. Kirby will work with your family in order to determine if your family member qualifies as a beneficiary for a Special Needs Trust under the definition set out in the Social Security Act. Ms. Kirby has over 20 years' experience working with families to ensure that their members are taken care of.
Ms. Kirby can help determine which type of Special Needs Trust would work best in your estate plan and within your particular circumstances. There are two types of trusts, the Self-Settled Special Needs Trust and the Third Party Special Needs Trust.
The Self-Settled Special Needs Trust is an irrevocable trust created with the beneficiary's assets. If your disabled family member has received a settlement, a gift or an inheritance, those funds can be used to fund the trust. These funds are used to supplement, but not to replace, the public disability benefits the beneficiary receives. The trust must be set up to repay the public disability benefits the beneficiary received once that person passes away.
A Third Party Special Needs trust can be revocable or irrevocable, but it becomes irrevocable upon the death of the Settlor – the individual who funded the trust. It is funded not by the beneficiary's assets, but by a third party's assets. This trust has no payback provision, as does the Self-Settled Special Needs Trust. It is often created by the parents of the disabled child, but other family members may establish or help fund the trust. There are also methods of drafting this type of trust in order to obtain advantageous tax benefits.
At Kirby Law, we believe in helping our clients achieve the goals dearest to them. We understand that the needs of families who have a member with a disability may seem overwhelming. Ms. Kirby brings her dedication and compassion to each interaction with her clients, always striving to ensure that each goal is met.
With locations in Columbia, Charleston, Murrells Inlet, and Camden, we are available to families throughout South Carolina. Contact us today.