Trust Lawyer Hartford & Connecticut
Avoid Probate & Plan for a Loved One with Special Needs
If you are interested in establishing a trust or have been named as a trustee and want to make sure you understand your responsibilities, the team at Disability Planning Partners can help. We represent trustees and beneficiaries at our Hartford location and statewide. With our experience in estate planning, elder law, and disability planning, we are uniquely positioned to provide insightful legal guidance that addresses your specific needs. We go beyond merely preparing the paperwork and can instead help you create an entire plan focused on your goals.
Our Hartford estate planning attorneys can help you with a wide range of complex trust establishment needs. We can walk you through your options in regards to establishing a trust to provide for a family member with a disability or has special needs. Our team can also help during probate or estate administration if a trust is involved and you have been named a trustee or beneficiary. We can even work with you to create a plan to avoid probate with a trust. Regardless of your specific needs, our team will work directly with you in order to better understand your unique goals. We are committed to each and every one of our clients, working to establish long-lasting relationships that you can rely on.
Discuss your options and rights regarding a trust by calling us at (860) 238-0031 today!
About Trusts & Their Benefits
A trust can be a powerful tool in an estate or disability plan. The term “trust” is used to describe a situation wherein one person is given the title to property for the benefit of another. One person (the trustee) is given legal authority to manage property or assets, but not for personal gain. This property is managed for the benefit of another person (the beneficiary). The trustee has a fiduciary duty to the beneficiary. This means that the trustee has a legal obligation to act in the beneficiary’s best interests, in accordance with the specific terms set forth by the trust.
For example, Bob may be interested in making sure that his daughter, Mary, who has special needs, is taken care of even if he passes away. Bob takes a portion of his assets and places them in a trust, naming his sister, Susan, as the trustee. Bob’s assets will be protected from taxes and creditor claims, and Susan will have the authority to manage these assets to provide for Mary’s continued care. Bob can specify how the assets are to be distributed and handled, and Susan will be legally obligated to comply.
What is the difference between a special needs trust and a supplemental needs trust?
The terms “special needs trust” and “supplemental needs trust” have the same meaning and are often used interchangeably. In general, there are three main types of special needs trusts.
A First Party Special Needs Trust holds funds that belong to an individual with a disability (i.e. settlement, wages, etc.). A Third Party Special Needs Trust holds funds that belong to anyone other than an individual with a disability (i.e. inheritance for person with a disability). A Pooled Trust holds funds that belong to an individual with a disability who is age 65 or older.
What is an eldercare trust?
An Asset Preservation Trust (sometimes referred to as an eldercare trust) is a legal document that is intended to protect assets in the event that an individual requires long-term care Medicaid supports at home or in a skilled nursing facility five years after the trust is funded. It is important to work with an elder law attorney to ensure that the Trust is advisable for the client’s particular circumstances, and to ensure that it is properly drafted.
A trust can provide such benefits as:
- Avoiding the cost, time, and publicity of Probate Court
- Protecting assets from estate tax, creditors, and lawsuits
- Providing for a loved one with a disability
- Ensuring continued care and support for a loved one with special needs
- Distributing property and assets to loved ones according to your exact wishes
- Trust FAQs
Our team of experienced Hartford trust attorneys is prepared to help you navigate the legal process. We believe that informed individuals are better able to make the right decisions for themselves and their families—that’s why we share our knowledge of applicable laws with each of our clients, working as a team to create a plan that’s right for you. We firmly believe in the value of planning for your future or the possibility of a future disability, even if you are currently healthy. In fact, creating a plan now can help you avoid future problems.
Find out how our team in Hartford, CT can help you! Contact Disability Planning Partners at (860) 238-0031.