Your child suffers the unimaginable horror that is a parents' worst nightmare; a serious life altering injury. What options do you have available to you to investigate so that your child's future medical needs are properly taken care of for their child injury.
In 1993, Congress authorized the establishment of Self-Settled Special Needs Trusts which allow, among other things, a disabled person to receive the proceeds of a personal injury or medical malpractice lawsuit in a trust, which will not disqualify that individual from receiving the benefits of certain government establishment programs. A Special Needs Trust, or as it is sometimes called, a Supplement Needs Trust, when properly set up, makes it possible to appoint a trustee to hold the settlement proceeds of your child's injury settlement for the benefit of your disabled child. A Special Needs Trust can provide for the needs of your disabled child while not disqualifying him or her from such government programs as social security and Medicaid.
A trustee for a special needs trust for your disabled child could be any of the following:
- A trusted family member
- A trusted family friend
- A bank or other financial institution
- A financial professional or CPA
- Other qualified individuals or institutions
There are both positive and negative considerations for establishing a Special Needs Trust so those issues should be explored if this is the type of situation which involves your child.
Should we need to discuss any questions related to accident, injury or medical malpractice cases you can either call us toll free at (888) 244-5480, fill out our online form at www.hcwlaw.com or schedule a free no obligation consultation. We are here to answer your questions! You've been hurt once already, don't get hurt a second time.