If you have a child or other loved one with special needs, they may be unable to provide for themselves after you have passed. A special needs trust can provide controlled financial support over the beneficiary’s lifetime, without affecting their eligibility for social services.

It is also generally not advisable to gift anyone a large sum of money all at once. Doing so can impact whether the beneficiary receives state and federal benefits, too.

James Bart Leonardi, LLC can set up and administer a special needs trust for you. Our team is highly experienced with the complex financial and legal planning associated with special needs trusts.

When is a special needs trust necessary?

Many people with severe disabilities are eligible for social services and other government benefits. Providing them with a lump sum distribution may negate their benefits eligibility. Social and governmental services are vital to ensuring your beneficiaries are well-managed throughout their lifetime. Furthermore, a special needs trust enables you to provide for their needs and control monetary distribution.

You can name a trustee to manage the funds, distribute fund as necessary, and ensure the funds are used for their intended purposes. Bart Leonardi, will review your financial goals, then suggest terms that can provide for your loved one without affecting their social services and other benefits.

Planning to support a loved one with a special needs trust is a complex process, and therefore it is essential to hire a certified estate planning attorney, Bart Leonardi.

Special needs trusts are just one of the ways you can provide for a loved one. Bart Leonardi will take the time to methodically review your assets, and talk to you about crafting an estate plan to include a will, powers of attorney, guardianships, and additional financial planning vehicles to protect your assets

Contact us with your special needs trust and planning questions

At James Bart Leonardi, LLC, we’re committed to providing carefully crafted estate planning guidance. Our experience with special needs trusts and general estate planning in Cleveland, OH will make your process a smooth one. Call us today for a free consultation.