Do You Need A Detroit Special Needs Trust Lawyer?
A trust specifically created to provide for children and other family members who have special needs is known as a special needs trust. Our lawyers and staff at Prince Law Firm in Bloomfield Hills, Michigan, have a great deal of experience working with clients to ascertain their needs and develop comprehensive estate plans. We also work with families to resolve trust litigation related to individuals with special needs.
Contact our office to learn more about these kinds of trusts and our services in this area.
Should I Create A Special Needs Trust?
A special needs trust is created to ensure beneficiaries (children or adult) who are disabled, physically or mentally, are properly provided for. There are many personal reasons for such a trust, such as the beneficiary being unable to handle his or her own finances, and there may be financial advantages to using a special needs trust to manage assets.
Special needs trusts also may prevent the disabled beneficiary from losing government benefits. These benefits, when received, can often also be placed in the special needs trust for future use.
Placing Compensation Or Settlements In Trust
An asset that is often used to create a special needs trust is monetary compensation from a settlement or verdict. This situation arises when an individual has been disabled or injured by the negligence of another individual and has received the compensation as a result of legal action. The compensation can be obtained by litigation involving personal injuries, injuries connected to a criminal act, or other situation.
Handling Trust Litigation
Our firm helps clients resolve disputes related to all types of alleged wrongdoing, including:
- Undue influence or duress when the settlor created the trust
- Trustees who misappropriate assets for personal use
- Failing to correctly transfer titles while the settlor was alive
Contact Our Michigan Trust Fund Attorneys
At Prince Law Firm, we take the time to get to know our clients and their families, to ensure that the trusts and other estate planning documents are created to meet their needs. Call 248-419-1968 or e-mail a lawyer at our firm to find out if your situation warrants the creation of a special needs trust.