How Special Needs Trusts Protect Loved Ones
If you have a loved one that is mentally or physically disabled, creating a special needs trust in Denver will help protect that person after you are gone. A special needs trust allows for a specifically-named person (the trustee) to manage the property of another person (the beneficiary) on their behalf. A trust can be drafted to help the special needs beneficiary:
- Continue receiving government benefits even if they inherit all or part of an estate
- Manage their day-to-day finances
- Live a good quality of life
- Have their basic needs met
- Protect the funds in the special needs trust even if the beneficiary is sued
You can create a special needs trust for another person while you are living or you can create a special needs trust in your will. While there are resources to help you create a special needs trust on your own, the process can become complicated. To ensure you have used the correct terminology, anticipated any loopholes and followed specific Colorado rules for special needs trusts, it is advisable to consult with a Denver trust attorney.
Trusts typically last until the beneficiary dies or the funds are depleted. They can provide peace of mind so you know your loved one will be cared for after you are gone.
The Brown Law Firm LLC can arrange for one of our trust attorneys in Denver to help you create a trust to protect your loved ones with special needs. Contact us today: call (303) 339-3750 or send us a message online.