Thomas Cothran is an attorney who practices special needs planning throughout Kentucky. His office is located in Lexington, KY, but his services extend throughout the state.
What is Special Needs Planning?
Special needs planning involves a number of estate planning and public benefits planning techniques designed to help those who suffer from a disability. Parents can use a special needs trust to preserve their children’s benefits, while providing them extra support. Parents can also devise an estate plan that will care for their disabled child after the pass away, ensuring that their wishes for their child’s care will continue to be carried out.
Special needs planning can also be used for adults after catastrophic accidents. For example, if a person becomes severely injured in a car accident, he or she can ask an attorney to set up a special needs trust to preserve their assets while still qualifying for public aid.
What is a Special Needs Trust?
A special needs trust is one of the main tools used by the special needs planning attorney. There are two kinds of special needs trusts: self-settled trusts and third party trusts. Third party trusts are often set up for the disabled by their relatives. The trust supplements the support received by the beneficiary. Self-settled trusts can be used in cases where an adult who has property has become disabled, and needs to preserve his assets.
Special needs trusts are a powerful tool. If you or a family members suffer from a disability, I would be happy to discuss how special needs planning can help you.
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