Special Needs Trusts, also known as Supplemental Needs Trusts
Establishing Special Needs Trusts and Supplemental Needs Trusts Throughout Eastern Washington
Protect your loved ones
Establishing a special needs trust (also referred to as a supplemental needs trust) as part of your estate plan is a strategic way to ensure that your loved one receives their inheritance without jeopardizing the needs-based benefits they rely on for support.
The dedicated and empathetic estate planning legal team at Kristina Mattson Law is prepared to help you identify your goals and implement strategies to keep your loved ones as protected and secure as possible, no matter what the future may bring. 
The Purpose of Special Needs Trusts
First, it’s important to understand how special needs trusts function in Washington state and why you may wish to put one in place as part of your estate plan.
Simply put, a special needs trust is a type of irrevocable trust that is designed to hold assets for an individual receiving needs-based benefits from state or federal programs.
The beneficiary may be someone who has physical or mental challenges that allow them to qualify for needs-based benefits, such as Medicaid, Community Options Program Entry System (COPES) funds, or Supplemental Security Income (SSI) benefits.
Most needs-based benefit programs support low-income individuals, which means that the sudden inheritance of a large sum of money would likely disqualify them from receiving the benefits they have come to rely on for economic stability.
Creating a special needs trust resolves this conflict, as this estate planning tool enables your loved one to receive their inheritance and remain eligible for any needs-based benefits they already have in place.
Understanding the Advantages of Special Needs Trusts in Washington State
There are several reasons to consider setting up a special needs trust as part of your Washington estate plan. The primary benefit of creating a special needs trust is to allow the beneficiary to receive the trust assets without becoming ineligible for needs-based benefits.
Essentially, the special needs trust functions as a tool to protect the beneficiaries’ needs-based benefits while providing them with supplemental financial assets. Additionally, the creation of a special needs trust requires the appointment of a trustee to oversee the management of the trust’s assets.
Since many beneficiaries of special needs trusts are vulnerable individuals who may have mental disabilities or other conditions that render them unable to manage money or make important financial decisions for themselves, the trustee will look out for the beneficiary’s best interests. It’s helpful to think of a special needs trust as a protective barrier that shelters valuable assets from abuse, theft, or waste.
The trustee can use their discretion to administer the assets held in the special needs trust in ways that improve and support your loved one’s life.
If you’re interested in learning more about the ways that a special needs trust can protect your vulnerable loved one, contact Kristina Mattson Law today to speak with a highly qualified and trusted Spokane estate planning lawyer.
Get Started With a Spokane Special Needs Trusts Attorney Today
There are two ways to set up a special needs trust in Washington State. Some individuals who rely on needs-based assistance may receive a lump sum from a recent legal settlement, gift, or inheritance. However, accepting this sum may disqualify them from the needs-based assistance programs they have come to rely on for continued stability.
In this case, the person may establish a special needs trust to shelter the lump sum and continue receiving needs-based assistance. Another option for lower amounts is to set up an Washington State ABLE Savings Plan, that provides the disabled beneficiary to access their funds without penalty.
It’s also possible for a third party to set up a special needs trust as part of their estate plan. For example, a spouse, parent, or grandparent of a vulnerable individual may establish a special needs trust for their loved one in order to name them as a beneficiary of the estate upon their passing.
Once the parent or grandparent passes away, the beneficiary will receive their inheritance (which will be placed in the special needs trust and overseen by the designated trustee) without becoming ineligible for needs-based assistance.
Regardless of the reasons you’re interested in creating a special needs trust in Eastern Washington, get in touch with Kristina Mattson Law to get started with an experienced and empathetic supplemental needs trusts and estate planning attorney.
Protect Your Legacy Today By Calling a Trusted Spokane Special Needs Trusts, also known as Supplemental Needs Trusts Attorney
It’s never too soon to start planning for the future. Kristina Mattson Law can work with you to design and implement the estate plan that best fits you and your family’s needs. We encourage you to call our Spokane office today to get started with a caring and highly qualified Eastern Washington estate planning lawyer.