Special Needs Trust Attorney in Connecticut
There are unique problems associated with an estate plan designed to provide for the needs of a legally disabled child or vulnerable adult. A special needs trust is an estate planning instrument that protects a family member's eligibility for government benefits. This trust provides them with additional income that does not affect eligibility for state or federal aid, and helps them maintain a more comfortable life.
Protecting Your Estate, Loved Ones and Their Government Benefits
Many people are unsure what options they have to protect their family member's inheritance and their public assistance eligibility. A special needs trust is an alternative to simply omitting a family member from your will. At the law office of John M. Gasidlo, Esq., we explain the options related to planning for the finances of a disabled family member. We can help you create a special needs trust that protects a family member's standard of living and their public assistance eligibility. To learn whether this is an appropriate tool for you, contact our office in Westport, Connecticut.
A self-funded special needs trust requires state approval and pay-back provisions. Unlike other trusts , the state must approve a special needs trust to make it valid in order to maintain government eligibility for benefits. Another major concern of a special needs trust is determining how you will fund it. A third-party funded Supplemental Needs Trust does not require such state approval nor pay back to the state for benefits received. Our experienced trust lawyer can help.
Understanding the Impact of Life Insurance Proceeds
Proceeds from your life insurance are part of your estate and subject to estate tax. "Second to die" life insurance is a type of life insurance that pays death benefits only upon the death of the last surviving insured parent. This type of life insurance is designed to reduce estate taxes and provide for your child's needs. An Irrevocable Life Insurance Trust (ILIT) is used to pass the entire proceeds tax free.
Call Us Today: 203-454-0101
Special needs trusts and "second to die" life insurance policies are narrowly tailored tools for estate planning. To learn more, contact us at the law office of John M. Gasidlo, Esq. for an appointment with an experienced estate planning lawyer. We represent clients throughout Connecticut, including people in New Canaan, Fairfield, and Norwalk.
