Dayton Special Needs Trust Attorneys
While you may think that trusts are only for extremely wealthy people, this is not the case. Trusts are for virtually everyone, as they can protect all kinds of assets and provide notable tax benefits regardless of your net worth. However, shielding assets and lowering your tax liability are not the only reasons to establish a trust. For individuals with disabilities that require long-term care and financial support, creating a special needs trust is advantageous.
This estate planning tool can allow you or someone you love to utilize your assets without jeopardizing government benefits such as Medicaid and Supplemental Security Income (SSI). At Lovett & House, our Dayton special needs trust lawyers are here to help you handle anything to do with these particular kinds of trusts, from creating one to thoughtfully managing assets within them.
Since 1994, we have served thousands across the Miami Valley and Western Ohio. We would be glad to count you among those who have partnered with us. Plus, our office features a Board Certified Specialist by the Ohio State Bar Association whose knowledge and experience are central to each of our services.
To learn more about special needs trusts and how we can assist you, call (937) 909-0770 or contact us online. Free consultations are available.
Your Family's Peace of Mind is Priceless
Read Our Former Clients' Five-Star Reviews
Our compassionate and through approach to Estate Planning makes a real difference in our clients' lives. Read reviews in their own words below.
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"The Best Customer Service"George and his crew provide the best in customer service and have an outstanding work ethic. They have always been there to help us when needed!- Mark S.
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"He Made It Easy"Bill was very friendly, knowledgeable, and kind. He made Estate Planning fun, fast and easy. We both feel relief to know our wishes are spelled out and our assets are protected!- Sherry C.
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"Peace of Mind"He explained each step 100 percent. He takes the time to talk WITH you, not TO you. I am so thankful I went to his seminar and took advantage of the free consultation.- Rosa S.
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"Made It Easy to Understand"George Lovett made our estate planning easy to understand and informative. He used our personal information to create a plan that was tailor-made to us.- Pamela O.
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"Expertise & Attentiveness"We were very pleased with the service, expertise, and attentiveness we received. We are glad that we choose Lovett & House for this.- Pat D.
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"A Pleasure to Work With"George Lovett has helped my family tremendously. He always explained our options and took care of us with the utmost professionalism.- Marlene W.
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"Easy to Understand"They made it easy to update our estate planning needs. All our questions were answered in easy to understand language and we didn't feel overwhelmed.- Rita S.
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"Very Helpful"he Estate Trust planning was easy to do with the Lovett & House. George H. Lovett and William H. House were very knowledgeable and helpful.- Judith A.
Types of Special Needs Trusts
There are three main types of special needs trusts:
First Party
This type of trust is funded with the beneficiary’s own assets. First-party trusts are subject to certain restrictions and must be set up before the beneficiary turns 65.
Third Party
A third-party special needs trust is funded by someone other than the beneficiary, typically a family member or loved one. It can be created anytime and does not have age restrictions like a first-party trust.
Pooled
A pooled trust is managed by a non-profit organization. This type allows individuals with disabilities to pool their resources for investment purposes, while remaining eligible for government benefits. Entering a pooled trust can be advantageous for those who do not have a family member or loved one available to set up a trust on their behalf.
Why You Need an Attorney for Special Needs Trusts
Like many other estate planning matters, creating and managing a special needs trust is complex and requires you to account for numerous factors, from its legality to tax implications. For those who are not legal professionals, this can be overwhelming and incredibly time-consuming. Fortunately, you do not have to bear such a burden alone. Our team at Lovett & House is here to help.
On your behalf, our Dayton special needs trust lawyers can do the following:
- Determine the best type of trust, considering your or your loved one’s income, assets, age, and future care needs
- Prepare and review all necessary legal documents to establish the trust
- Help you navigate income and asset limits as set by governing entities
- Ensure that your trust complies with all relevant laws and regulations
- Provide guidance on how to manage assets within the trust to maximize benefits for the beneficiary
Of course, how the above looks for you will be specific to your situation, goals, and needs. Schedule a free consultation to get a clearer picture of what our team can offer. If commuting to our offices is complicated, that is no problem. We can conduct these meetings in person or virtually.
Request your consultation at Lovett & House by calling (937) 909-0770 or reaching out through our online contact form. We look forward to learning how we can help you with estate planning.
