Need to Establish a Trust for Your Disabled Loved One?

One of the biggest concerns most parents have is how their disabled child will function and be cared for after their death. A huge part of that worry is how to preserve their child's governmental benefits (for example, Medicaid) if they were to inherit assets. Critical to providing for one's disabled child is the distinction between setting up a Special Needs Trust versus a Supplemental Needs Trust; that is, between what are called "First Party Trusts" and what are called "Third Party Trusts". Too frequently the wrong type of trust is created. Also when should an ABLE account be considered. Another concern is who should be the Guardian for a Disabled Child, for example, a family member or a professional Guardianship entity. Also, who should be the Trustee of a Special Needs Trust or a Supplemental Needs Trust, assuming one is to be created. And when should such a Trust be created: that is, during one's lifetime or at death.