Loveridge Law Firm LLC
David R. Loveridge, Attorney At Law
Special needs trusts can be used to preserve Medicaid eligibility for a disabled child, while at the same time providing funds to supplement the needs of the child beyond the benefits provided by Medicaid or other governmental programs.
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A Living Will is a “declaration” that, if certain conditions are met, you desire that your “dying shall not be artificially prolonged.” The conditions are: (1) you are not able to communicate your wishes; (2) two physicians (including your attending physician) have examined you, and concluded that death will occur whether or not life-sustaining procedures are utilized; and (3) the application of life sustaining procedures would serve only to prolong the dying process. If those conditions are satisfied.
A “trust” is a three-way relationship between the donor, the trustee, and the beneficiary (who need not be different people!). Technically, the trustee is the owner of trust property. However, the trustee must manage the property for the benefit of the trust beneficiary, on the terms specified by the donor. If a trust is established during the donor’s lifetime, the trust is called a “Living” Trust. If the donor reserves the right to revoke the trust, the trust is said to be revocable. Otherwise, the trust is irrevocable. If a trust is created in the donor’s Last Will & Testament, it comes into being only after the donor dies. Such a trust is called a “Testamentary Trust.”
Trusts have many uses. Living trusts are sometimes used to avoid the expense of probate. Trusts are also useful to provide for management of trust property. If there is concern that a beneficiary might mismanage trust property, the trust can include a “Spendthrift” clause.