How Can A Trust Help- Creditors
The trust will protect assets from creditors and predators. I know we all like to think that the government is perhaps a predator. It’s actually a creditor, Medicaid just keeps a running total on every dollar they spend on your child and when your child passes away. Your child’s estate is going to get a bill, sometimes these things are terribly thick, I mean they have it detailed down to the date of service, what the service was. They get very detailed. That they can keep track of, you call them about the paperwork you sent last week, they never got it, but they can keep track of how much they spend on your child. By being able to take advantage of all the government benefits, we can extend the life of assets. You now, not having to pay for housing entirely, we have SSI, we’re not having to provide for all medical needs. The money in the trust isn’t being depleted as quickly s owe can extend the life of those assets. Using a special needs trust hopefully avoids many of the costly mistakes that people make when planning for their child with special needs. This is the one I hear of the most. This is the old way of planning. This used to be, prior to the Eighties, the only option. Disinherit the child; don’t leave any assets behind for the child. Will that keep them eligible for government benefits? Yup, Is it really what you want to do? Probably not. This goes along with number one, what I’ve heard other attorneys say, let’s say Johnny has a special need, Sally is his sister, leave everything to Sally and Sally will use that money to take care of Johnny. Sounds good, doesn’t work.
Nadler Biernath LLC assists clients in the Atlanta, Georgia area and throughout Georgia including Kennesaw, Alpharetta, Roswell, Marietta, Buckhead, Johns Creek, Duluth, East Cobb and Dunwoody.