What You Need to Know About Open Enrollment in 2020

Did you know that Medicare Open Enrollment is now upon us? Open enrollment started on October 15 and goes until December 7. It can be an important time to reflect on your health care needs for the coming year and to see if your current Medicare coverage selections...

Here Is Why Leaving Money To A Charity Can Benefit Your Estate

Have you thought about the many reasons to give to charity? Honoring a loved one, advancing a worthy cause, and a genuine interest in helping others may be just a few of the motivations that help make the world a better place.Charitable giving, however, can also come...

Creating a Trust for a Child with Substance Abuse Issues

September is “National Alcohol & Drug Addiction Recovery Month,” a national observance to raise awareness and educate Americans about mental and substance abuse disorders that inflict over 20 million Americans.  Over 6 million of those with substance abuse...

Talking to Your Kids on World Alzheimer’s Day

On September 21, we celebrate World Alzheimer’s Day to raise awareness of the impact of Alzheimer’s Disease and other forms of dementia on loved ones afflicted and on family members and friends impacted by their diagnoses. Have you heard that Alzheimer’s disease has...

When Siblings Cannot Agree on What to Do With an Aging Parent

Have you and your siblings developed seemingly insurmountable communication issues? Problems among siblings can be difficult in the best of times, but can be exceptionally problematic when they need to work together on what should be done about an aging parent. While...
  • Clear Direction
  • Thoughtful Advice
  • Practical Solutions
  • Customized Counsel

What You Need To Know About Special Needs Trusts

If you have a family member who is unable to care for himself or herself without family assistance, you no doubt think hard about how to provide for that person in the future. If your adult child or your spouse lives with your daily practical assistance, a special needs trust may be a good option for protecting family assets while allowing that person to also qualify for government assistance through Medicaid, if appropriate.

Talk to an experienced estate planning attorney in central Arkansas to explore your options for providing for your disabled loved one. Rippy, Stepps & Associates can assist you in creating a special needs trust such as the following if it is suitable to your individual circumstances:

  • A third-party special needs trust: In this type of trust, the assets of parents, grandparents or guardians will be part of their estate plan(s) and will be distributed through a will or living trust.
  • A self-settled special needs trust: This type of trust will be funded by the disabled person’s own assets, such as proceeds from a personal injury claim. Leftover assets after the death of the disabled child may be reclaimed in part or entirely by the state to account for public assistance provided by the government.

Whether the special needs trust you create or facilitate is part of your own estate plan with your disabled family member standing to benefit or a stand-alone trust funded with other assets, it has great potential to give you peace of mind and ensure that family assets benefit the disabled person per the family’s intentions.

Contact Rippy, Stepps & Associates at 501-428-9139 or by email to schedule a consultation regarding any aspect of estate planning, including wills, trusts and special needs trusts.