How Do You Set Up A First-Party Special Needs Trust? - Wealth and Estate Planners

Описание: How Do You Set Up A First-Party Special Needs Trust? In this informative video, we will guide you through the process of setting up a First-Party Special Needs Trust. This type of trust is specifically designed to protect the assets of individuals with disabilities while ensuring they remain eligible for essential government benefits such as Medicaid and Supplemental Security Income. We will cover the key requirements and steps involved in establishing this trust, including the importance of funding it with the individual’s own assets, the need for irrevocability, and the role of the trustee.

Understanding the differences in establishing the trust for minors versus adults is vital, and we will clarify who can create the trust in each scenario. Consulting with a knowledgeable elder law or estate planning attorney is also a critical step, as they will help navigate the legal complexities involved. We will discuss the necessary documents required for drafting the trust and what they entail.

Additionally, we will highlight how the trust can be used to manage assets for supplemental needs that Medicaid does not cover, ensuring that individuals can access the care they need. Join us for this essential discussion, and don’t forget to subscribe to our channel for more helpful information on elder law and estate planning.

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About Us: Welcome to Wealth and Estate Planners! Our channel is dedicated to helping you navigate the essential aspects of estate planning and elder law. We cover a wide range of topics, including Elder Law Basics, Wills and Trusts, Power of Attorney, Probate Process, Medicaid Planning, Long-Term Care Legal Issues, Guardianship and Conservatorship, Inheritance Laws, and Estate Tax Planning. Our goal is to provide you with clear and practical information to help you make informed decisions for you and your loved ones.