Our law firm has reviewed some of the different types of trusts on our blog, such as spendthrift trusts. However, there are other types of trusts that may be preferable, given a person’s unique circumstances. For example, some people move forward with a special needs trust. If you have a loved one with special needs and are concerned about their future or want to help support them with your assets, a special needs trust may offer a number of advantages for you and your loved one. In Cincinnati, and across all of Ohio, people who set up a trust should carefully examine all of their options.
With a special needs trust, your loved one may be eligible to receive certain benefits from the government as a result of their special needs, even though they are also able to receive property from your special needs trust as a beneficiary. These trusts, which are irrevocable, can be used for those who are struggling with a mental or physical disability, as a means to protect assets, and for children who are minors. Our law office understands that those with special needs may face certain challenges throughout life, including those which are financial in nature and it is important for their loved ones to find ways to support them.
Whether you decide to set up a special needs trust or another type of trust, going over your options closely with an experienced lawyer is essential. Our trust and probate page has more related to special needs trusts or feel free to reach out by email or phone to our of our estate planning and probate attorneys.