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SENIOR SOURCE: Who needs a Special Needs Trust?

Our CBS19 Senior Source Sponsor, Ross & Shoalmire Elder Law Attorneys, are experts in this type of planning.

TYLER, Texas — Now, maybe more than ever, it’s important to plan for your future and that of your family.

For some, that includes creating a Special Needs Trust for a family member. 

Our CBS19 Senior Source Sponsor, Ross & Shoalmire Elder Law Attorneys, are experts in this type of planning.

Lisa Shoalmire, attorney and senior partner, spoke with CBS19’s Dana Hughey about who should set up a Special Needs Trust and how they work. 

“Well, a special needs trust is a is a way to hold assets for the benefit of someone else who may have some challenges in dealing with property, or who may need assistance, like from a government benefit program," said Shoalmire. "And sometimes we need to hold those assets aside in a special entity called a trust. So that way that that property can be managed for their benefit, and they can access the help they need." 

Who qualifies for a Special Needs Trust?

“Typically, people think automatically of maybe disabled adult children, but in our practice, we even see where spouses are taking care of one another. Maybe one's a caregiver now, and maybe one has Alzheimer's or is dealing with something like that," said Shoalmire. "So we can even set up special needs trust, to take care of that spouse, that may have those type of needs. A lot of people don't think about that. They, you know, they think things are always going to be the way they've been going for 40 years, but if someone gets a condition like Parkinson's or Alzheimer's, you have to start thinking about, well, what happens if the caregiver passes on before their spouse? So a special needs trust is a great way to provide for that spouse,” according to Shoalmire."

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