Are you looking for an attorney to help you with a special needs trust in Wisconsin? Heritage Law Office can provide you with an experienced and knowledgeable attorney who can guide you through the process of setting up a special needs trust for your loved one.
At Heritage Law Office, our estate planning attorney in Wisconsin will thoroughly review your needs and wants when planning your estate and provide an outline of your best options, including the creation of a special needs trust. Contact us either online or at 414-253-8500 to schedule a free consultation today.
What is a Special Needs Trust?
A special needs trust is a legal arrangement that allows a disabled individual to receive assets and income without losing eligibility for public benefits such as Medicaid and Supplemental Security Income (SSI). This type of trust is designed to supplement, not replace, government benefits by providing additional resources for the beneficiary's needs.
There are two types of special needs trusts: third-party trusts and first-party trusts. A third-party trust is created by someone other than the beneficiary, while a first-party trust is created with the beneficiary's own assets. Each type of trust has different requirements and rules, so it is important to work with an experienced attorney who can guide you through the process.
Setting up a Special Needs Trust in Wisconsin
If you are considering setting up a special needs trust in Wisconsin, it is important to understand the legal requirements and rules that apply. Here are some important things to keep in mind:
- The trust must be irrevocable, meaning that it cannot be changed or revoked once it is created.
- The trust must be for the sole benefit of the disabled individual and cannot be used for other purposes.
- The trust must be managed by a trustee who has the power to make decisions about how the trust assets are used.
- The trustee must be someone who is trustworthy and has experience managing trusts.
Working with an experienced attorney can help ensure that your special needs trust is set up correctly and meets all legal requirements.
Benefits of a Special Needs Trust
There are several benefits to setting up a special needs trust, including:
- Protecting government benefits: A special needs trust can help ensure that a disabled individual can continue to receive government benefits such as Medicaid and SSI.
- Providing additional resources: A special needs trust can provide additional resources for the beneficiary's needs, such as medical expenses, education, and housing.
- Ensuring proper management: A special needs trust can be managed by a trustee who has experience managing trusts and can ensure that the assets are used for the beneficiary's benefit.
Contact a Special Needs Trust Attorney in Wisconsin
If you are considering setting up a special needs trust in Wisconsin, contact Heritage Law Office today. Our experienced and knowledgeable attorney can guide you through the process and help ensure that your special needs trust meets all legal requirements.
To schedule a free consultation, contact our attorney by using the online form or calling us directly at 414-253-8500.
Cities in Wisconsin Where We Offer Services
- Green Bay
- Eau Claire
- Elm Grove
- Fox Point
- Whitefish Bay
- And more
We offer remote, phone, and online appointments, so you can receive our services wherever you are located. Contact us today to schedule your free consultation.