A special needs trust is a trust set up by a special need lawyer for an individual with special needs. It holds assets for that person without compromising their ability to get government benefits.
There are two main types of special needs trusts: the first-party trust and third-party trust. There are versions of these, including pooled trusts. Knowing which to choose and how to set them up isn’t always straightforward. You see, special needs trusts are part of the larger picture. A Special Needs Financial Plan should be created to provide for a full life for your special needs loved one.
At Woodhull Capital Advisors, LLC, the Special Needs Financial Plan is the centerpiece of the work we do for special needs families. We build this on top of a life care plan, using the tools and techniques of modern financial planning such as:
Navigating the complexities of Special Needs Financial Planning can be overwhelming. We feel this process is the key to reducing the financial burden and allowing the loved one to live a full life. This means enjoying security, independence, and having the capacity to do what they want with their lives.
A central part of most Special Needs Financial Plans is the special needs trust. We can work with your attorney or give you several recommendations.
Getting started is easy. Fill out the form providing us with as much detail as possible. We’ll review your form and call you at your scheduled time.
If we can help, we’ll create a custom special needs financial plan based on your needs.
James Grennen is a Certified Financial Planner (CFP®) in Long Island who has over four decades of financial advisor experience, as well as being a U.S. Department of the Treasury certified Enrolled Agent.
Equally important, James is a fee-only special needs financial planner. That means your loved one will have a plan designed with their best interest in mind. Nothing more, nothing less.
By scheduling a call today, you’re taking an important first step in creating a safe and secure future for your loved one without compromising what your family has worked for.
Fill out the form to the right to schedule your no-cost, no-obligation confidential consultation today.
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