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Set up a special needs trust to protect your child's benefits

Parents in Texas who have special needs children have unique concerns when it comes to passing their assets on after their deaths. For instance, a disabled person can have his or her government benefits revoked if he or she experiences increased cash flow or receives assets from a parent's estate. It may seem wrong, but it is how things work. A special needs trust can keep this from happening.

In order to allow one's child the ability to maintain his or her disability benefits, there are several important estate planning steps one can take. Setting up a special needs trust is just one of them, but it may be the most important. By placing assets in this type of trust, they will not be passed directly onto one's child. Instead, a trustee will be assigned to manage one's estate. This person will be able to distribute the assets in a way that will not affect the child's benefit eligibility.

Setting up a special needs trust is not necessarily easy. There are state-specific guidelines that need to be followed and specific wording that will need to be used. Any errors could end up costing one's child down the line.

Figuring out the best way to protect one's assets and a special needs child in the event of one's death can certainly be a challenging task. For some, setting up a special needs trust may just be the answer. An experienced estate planning attorney can assist Texas residents by reviewing their individual situations and offering legal solutions that will best serve their needs and the needs of their children.

Source: FindLaw, "Special Needs Trusts FAQ's", Accessed on April 27, 2017

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