Protecting Loved Ones With Special Needs Trusts In Colleyville
At Early Law Firm, we support families in Colleyville who care for a child or adult with a disability. Our experienced attorney Steven A. Early helps you set up special needs trusts that protect your loved one’s eligibility for public benefits while providing additional financial support. We walk you through each step with clarity and compassion, handling the legal details so you can focus on what matters most – your family.
What Is A Special Needs Trust And Why Does It Matter?
A special needs trust holds money, assets or property for a disabled person without taking away their Medicaid or Supplemental Security Income (SSI). It lets a trustee pay for things that government benefits won’t cover – like therapies, transportation, education or recreational activities – while the beneficiary keeps essential health and income benefits.
Types Of Special Needs Trusts Available In Texas
In Texas, the common options include:
- First-party special needs trust: These trusts are established using the beneficiary’s own funds, frequently derived from an inheritance or a personal injury settlement. It must be created before the beneficiary reaches age 65 and must include a mandatory provision for Medicaid payback upon the beneficiary’s death.
- Third-party special needs trust: Established by someone other than the beneficiary, such as a parent or grandparent, using their own assets.
- Pooled trust: Managed by a nonprofit organization, pooling resources from multiple beneficiaries for investment purposes.
Each type of trust serves different needs and circumstances, and our attorney Early can help you determine which is best for your situation.
Benefits Of Establishing A Special Needs Trust
A special needs trust:
- Protects eligibility for Medicaid and SSI
- Provides for extra medical care and therapies
- Lets a trusted person manage funds responsibly
- Allows personalized spending for quality of life
These trusts give families peace of mind and concrete support for long-term care. They also create a clear plan for money after a parent or caregiver passes away.
How We Help Set Up Special Needs Trusts
Our attorney Early guides you through every step of establishing a special needs trust in Texas. We help identify the right trustee, determine appropriate funding methods and draft documents that comply with state and federal laws. We ensure the trust language properly addresses your loved one’s specific disability and needs while maintaining maximum flexibility for future circumstances.
Act Now – Secure Your Loved One’s Future
The best time to establish a special needs trust is now. Waiting could put your loved one’s benefits and financial security at risk. Contact us today at 817-605-8880 or email us for a initial consultation with our estate planning lawyer. We will review your situation and explain practical next steps to set up a special needs trust in Colleyville.