Seattle, WA estates & probate lawyer Jacob M. Menashe explains why special needs trusts are so important and how his firm can help in that matter.
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Talking about a special needs trust, it’s my favorite thing to do. I’ve seen so many situations where a special needs trust has been life-changing for a beneficiary. The idea behind a special needs trust – it’s a way to have a trust for someone’s benefit that will not impact the person’s eligibility for certain public benefits like Medicaid and SSI. And the reason why I’ve seen it’s been so life-changing is that someone on SSI is living on $771 a month of income. So being able to have even a modest amount set aside in the trust, perhaps $50,000, $100,000, that can really have a life-changing impact on a beneficiary. Also, another benefit of having a special needs trust is for some beneficiaries, there would be management issues. And having a trusted family member, a friend, a company manage the trust can also protect the beneficiary.