Planning for the Future- Special Needs Trusts
Michael Fuerst will be a presenter at a program for transition planning for students with special needs. The program will be held at the Claremont Savings Bank Community Center, 152 South Street, Claremont, NH 03743 on Friday March 21, 2014 commencing at 8:30 AM. Attorney Fuerst, who has more than 30 years of experience in assisting families with estate planning for their disabled family members, will be speaking on the benefits of establishing special needs trusts for disabled individuals. He will describe the two types of special needs trusts: third party special needs trusts and self-settled special needs trusts. He will discuss the role of special needs trusts in estate planning for a family.
He will also be speaking about guardianship law in New Hampshire and its role in planning and in the establishing of a special needs trust. He will address when a guardianship is necessary to care for a family member. He will discuss the procedure to obtain a guardianship and the role of a guardian for an incapacitated family member.
Special needs trusts are primarily used to safeguard assets of a disabled individual from having to be considered resources for Federal and State disability programs such as Supplemental Security Income (SSI) and Medicaid. Both Federal and State law authorize the use of such trusts. The purpose of a special needs trust is to set aside assets for a disabled individual which can be used for the benefit of that person for purposes other than for the payment for food and shelter. The purpose of these funds is to supplement not to replace public benefits. The assets can be used to purchase medical and dental items/services not covered by public programs; handicapped accessible vehicles; a home, furniture/ computer and other items to improve the quality of life of the individual.