A Special Needs Trust is a form of trust established to allow the beneficiary to receive funds from the trust without losing government benefits such as Medicaid. Typically, a parent, grandparent, or guardian establishes a Special Needs Trust for a disabled child or other relative.
If you are considering establishing a Special Needs Trust, you need the help of an attorney experienced in these trusts.
Christina Lesher can efficiently help you:
- Establish the right trust for you
- Assist in the selection of trustees
- Review the necessity for a corporate trustee
- Set the rules for disbursements
- Comply with federal and Texas law
Types of Special Needs Trust
Self-Settled Special Needs Trust – a trust established using the beneficiary’s own assets, a lawsuit settlement, or a bequest from another person. In this type of trust, government benefits such as Medicaid are paid to the beneficiary, alongside funds from the trust. When the beneficiary dies or recovers from the disability, the trust provides for a payback provision to the State of Texas.
Third Party Special Needs Trust – a trust established by a third party, usually a parent or grandparent. In this type of trust, there is no payback provision to the State of Texas. Third Party Special Needs trusts have many advantages, but if they are not administered properly, the beneficiary may lose benefits. This type of trust requires planning in order to maintain benefits.
To arrange for an initial consultation with lawyer Christina Lesher regarding Special Needs Trusts, call her firm at (713) 529-5900 or contact the firm online.