San Antonio Special Needs Trust Lawyer

What Documents Can We Prepare?

Foundational Documents

• A Will
• Financial Power Of Attorney
• Medical Power Of Attorney
• A Living Will (also called an Advanced Directive)

Living Trusts

• Irrevocable Trusts and Revocable Trusts
• Asset Protection Trusts
• Real Estate Trusts
• Special Needs Trusts
• Educational Trusts or Student Fund Trusts
• Pet & Gun Trusts

Lady Bird's Deed

Also called a “Transfer On Death Deed.” You name the beneficiaries that will receive any real estate property upon your death.  A beneficiaries deed is paired with your living will.  This is a great method for avoiding probate and transferring real estate without a trust. Always consult your estate planning attorney.

What Are the Benefits of Setting Up a Special Needs Trust in TX? 

In Texas, there are various advantages to establishing a special needs trust that guarantee the welfare and financial stability of people with disabilities. 

Here are a few main benefits: 

• Protection of Government Benefits: The receipt of inheritances, cash gifts, or settlements by beneficiaries of a special needs trust does not impair their eligibility for vital government assistance programs like as Medicaid and Supplemental Security Income (SSI). Beneficiaries can continue to get the assistance they require by maintaining these assets in the trust. 
• Financial Stability and Management: Over time, the trust will guarantee the beneficiary's financial stability by offering an organized method of managing and allocating monies for personal care, healthcare, and education. Trustees have an obligation to manage these monies sensibly and in the beneficiary's best interest.
• Flexibility in Fund Use: Special needs trusts provide for the flexible use of funds, enabling the payment of costs that improve the beneficiary's quality of life. This may entail covering the cost of specialized therapies, tools, and leisure pursuits that may not be covered by government programs.
• Preservation of Inheritance: Families can make sure that their resources are used precisely to meet the needs of the beneficiary, avoiding being depleted by care or medical expenses that are usually paid for by government programs.
• Avoidance of Probate: Property deposited in a special needs trust is exempt from the probate process, which can speed up the distribution of assets after the death of the trustor and lessen related expenses and public attention.
• Texas-Specific Advantages: One financial benefit when managing trust assets is that Texas does not impose additional state taxes on trusts. Furthermore, Texas law offers precise instructions for managing trusts, guaranteeing adherence, and safeguarding the interests of the trustee and the beneficiary.
• Professional Management: Families can make sure that the trust is administered efficiently, complies with all legal requirements, and is in the beneficiary's best interests by selecting an experienced trustee or using a professional trust management firm.

All things considered, a special needs trust in Texas is an effective instrument for safeguarding the financial future of people with disabilities while preserving their eligibility for essential government services. To optimize these advantages, speaking with attorneys who specialize in special needs planning is strongly advised.

Get started today by calling our San Antonio special needs trust attorney at (726) 227-1090.