How do I create a special needs trust?

Creating a special needs trust in Georgia requires careful consideration and planning. A special needs trust is a trust created to provide for the needs of an individual with disabilities by supplementing the benefits provided by public assistance programs. Generally, assets held in a special needs trust are not considered to be available resources to the beneficiary, meaning that the beneficiary does not lose eligibility for SSI, Medicaid, or other public benefits due to the assets held in trust. When establishing a special needs trust in Georgia, the first step is to identify the appropriate person to manage the trust. This should be a responsible adult who is willing and able to handle the financial management of the trust in the best interest of the beneficiary. The managing trustee is responsible for managing the trust assets, filing any necessary tax returns, and making sure that trust distributions are used in accordance with the trust’s purpose. The next step is to select a trust document that is appropriate for the trust purpose. In Georgia, it is recommended to use a state-specific document rather than a generic form. The trust document should include language that specify the terms and conditions of the trust and provide legal authority for the trustee to manage and distribute assets on behalf of the beneficiary. Finally, it is important to fund the trust. Assets should be transferred into the trust, such as cash, investments, or real estate, in order for the trust to be effective. Once the trust is funded, distributions can be made for the benefit of the beneficiary. Creating a special needs trust in Georgia requires careful planning and consideration. The guidelines outlined here should help to ensure that the trust is established in accordance with the state’s laws and with the best interest of the beneficiary in mind.

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