Comprehensive Michigan Special Needs Planning Services from our Rochester Hills Attorneys
Obtain Rochester Hills estate planning advice from our experienced lawyers
Planning for the future of a child or loved one with special needs requires significant preparation and legal paperwork. At Otlewski & Maloney, P.C., our attorneys have more than 30 years of experience helping our Michigan neighbors secure the future for their children with special needs through the use of special needs trusts. We understand that the legal process of estate planning can be both confusing and stressful, so we provide you with thorough, personal service to answer all of your questions and address all of the needs you must cover for your child.
Our Rochester Hills estate planning lawyers establish special needs trusts on your behalf
Special needs trusts are a great way to manage private assets for the eventual use of a person with disabilities. While your child might be eligible for various government benefit programs or Supplemental Security Income (SSI), these trusts ensure the long-term stability of the support that your child receives.
Our lawyers take care of your estate planning in Rochester Hills and establish these trusts for you. There are several types of special needs trusts, and they are as follows:
- First-party trust. In this type of trust, the person with special needs uses his or her own assets to establish the trust. This person may have had these assets before becoming disabled or received these assets through inheritance or a personal injury lawsuit. A parent, grandparent or court creates the trust and then funds it with these assets, allowing the person with special needs to be the beneficiary of the trust. Under this type of trust, your child retains eligibility for SSI.
- Third-party trust. Donors (generally parents, relatives or friends of the disabled person) create a trust with their property to pay for any needs that public benefits do not cover. The donor decides how the payment of trust assets proceeds after the death of the beneficiary. Those assets could go to other children, grandchildren, or any specified charity or organization.
- Pooled trust. This type of trust allows multiple beneficiaries to use funds for their needs. Each beneficiary has a separate account, and when someone in the pool passes away, funds left in the account are distributed throughout the other accounts.
Work with a Rochester Hills estate planning attorney today
Call Otlewski & Maloney today at 248-759-5641 or contact us online to schedule a consultation to discuss the possibility of establishing a special needs trust. Our office is in historic downtown Rochester, located conveniently off highways I-75 and M-59. We provide flexible evening and weekend hours, and make sure to answer our phones and emails as quickly as possible to respond to your estate planning questions.