Use a special needs trust when your child is receiving governmental benefits
Doug: I have a son that's on the autism spectrum and there's a really good chance that he's probably going to not be able to fully live independently, and I'm just trying to figure out the differences between a Special Needs Trust, an ABLE Account, or any other options that I'm not considering.
Attorney Tom Olsen: Doug, you do want a Special Needs Trust, that is the best vehicle for you. Doug, if your son is on governmental benefits and you were to simply leave a will or a trust leaving him a portion of your estate, his governmental benefits would end until he spent the money that he inherited from you. If, instead, you do a Special Needs Trust and you pass away, his share of your wealth would go into a Special Needs Trust, he would continue to get his governmental benefits.
That money would be used to supplement his needs, whether it's rent or a car, or telephone payments, all of that's available to him. Then someday when he passes away, whatever's left over in that Special Needs Trust could go to your other children. Douglas, a ABLE Account has many restrictions on it and is not nearly as powerful a tool as a Special Needs Trust. A Special Needs Trust would be the right tool for you in this circumstance.
Doug: Well, a Needs Trust can't go to pay housing expenses, it can only pay medical expenses or care for a caregiver or something like that. What are those restrictions?
Tom: Doug, I am not the Special Needs Trust here in my office, his name is Attorney Robert Hidock. As far as I know, it can be used for housing expenses. It can be used for almost anything and everything, Douglas. I could be wrong, but if you want more detailed information about it, Attorney Robert Hidock in our office is the guy to talk to.
If you go to our website, olsenlawgroup.com, you'll find a page for Attorney Robert Hidock. On his page, there's three big, red buttons. One is "call him," two is "text him," three is "email him." Douglas, thank you for calling Olsen Law Group in Orlando. We'd be pleased to assist you with that.
All right, folks. Hey, we are out of time for today. Thanks so much for all your great calls and questions. We do so much appreciate it. My name is Tom Olsen. The name of the show is Olsen on Law. You're listening to WDBO.