Special Needs Planning in Wauwatosa, Pewaukee, and Milwaukee
Special needs planning is a critical process designed to ensure that individuals with disabilities receive the care and support they require throughout their lives. This process is especially vital for families in Wisconsin who want to provide for a loved one with special needs while maintaining their eligibility for essential public benefits such as Supplemental Security Income (SSI) and Medicaid. At Collins Law Firm, we specialize in guiding families through this complex planning process, ensuring that all aspects are handled with the utmost precision and care.
What is a Special Needs Trust?
A Special Needs Trust is a component of special needs planning. It is a legal arrangement that allows families to set aside funds to support their loved one without compromising their eligibility for government benefits. Unlike regular trusts, a Special Needs Trust is designed specifically to enhance the quality of life for individuals with disabilities while preserving their access to public assistance programs. The trust can be used to cover expenses that government benefits do not, such as educational costs, personal care services, and other needs that improve the individual’s overall well-being.
Setting Up a Special Needs Trust
Establishing a Special Needs Trust involves several important steps. First, it’s crucial to work with an experienced attorney who can ensure that the trust complies with both Wisconsin state laws and federal regulations. At Collins Law Firm, our attorneys will guide you through this process, helping you choose the right type of trust based on your family’s needs. Whether it’s a third-party trust funded by family members or a first-party trust funded with the individual’s own assets, we will ensure that the trust is structured to provide maximum benefit while protecting eligibility for public benefits.
Creating a Special Needs Trust requires careful consideration of various factors, including the selection of a trustee who will manage the trust’s assets and make decisions in the best interest of your loved one. Our team will help you address these considerations, ensuring that the trust is set up correctly and effectively.
Contact Collins Law Firm for Special Needs Planning
For families in Wisconsin, special needs planning is a vital step in securing the future of a loved one with disabilities. We are here to provide expert guidance in setting up Special Needs Trusts and addressing all aspects of special needs planning. Contact us today to discuss how we can assist you in creating a plan that meets your family’s unique needs and ensures a stable and fulfilling future for your loved one.