Estate Planning: Special Needs Trusts

What is a Special Needs Trust?

A special needs trust is a planning technique used when a will alone is not enough. A will is great at distributing property after you pass away. However, if you have a disabled beneficiary, or you are trying to protect assets from long term care expenses, a will is not enough. Instead, you should consider a special needs trust to protect your assets.  If you fall into either of these two categories, a special needs trust can benefit you because:

  • You can keep assets in a special needs trust while still taking advantage of government programs that support the special needs person
  • You can leave money to a special needs person without cutting off the government support they are receiving
  • You can preserve assets when needing long term care, so that you can pass that money on to your kids instead of paying everything to the nursing home, or to the government

If you don't have a special needs trust, you could likely end up paying most, if not all, of your money to the government or to a nursing home.

Note: I only work with Parents of Special Needs children

What Documents Can We Prepare?

Foundational Documents

  • Wills
  • Trusts
  • Financial Power Of Attorney
  • Medical Power Of Attorney
  • A Living Will (also called an Advanced Directive)
  • Guardianship Documents
  • Standby Guardianship Documents

Living Trusts

  • Irrevocable Trusts and Revocable Trusts
  • Asset Protection Trust
  • Real Estate Trusts
  • Special Needs Trusts
  • Educational Trusts or Student Fund Trusts
  • Pet & Gun (NFA) Trusts
  • Kids Care Plans

Asset Protection

Asset protection is a critical aspect of estate planning, designed to safeguard your wealth from creditors, lawsuits, and unforeseen financial risks. By implementing effective legal strategies, you can preserve your assets for future generations while maintaining control over how they are distributed. With proper asset protection, your legacy remains secure, no matter what challenges arise.

Kathleen O'Day

Estate Planning Attorney

I'm Attorney Kathleen O'Day. I've lived in North Carolina for 10+ years and have 25+ years experience as an attorney.

My planning approach is like an architect designing a custom home for my clients. In our meeting, we will create a "blueprint" together for your custom estate plan that has the features and benefits you request and need. Then, once we finish the design of your estate plan, I will create an estate plan like a contractor, building it nest egg by nest egg.

What Clients are Saying

"Kathleen and team were terrific partners in helping me craft a comprehensive estate plan. I am so happy that this important effort is completed and I highly recommend the O'Day Law Firm!" – Erin Reiff

"Kathleen is a smart rock star at what she does. She's so easy to work with, legal issues are actually fun with her! She communicates without jargon and confusing legal terms which we really appreciated to help understand the process. Everything was buttoned up and personalized. We've already recommended her in conversations with friends and family." – Laura McGuire

"Working with Kathleen and her team at O'Day Law Firm was amazing. They truly care about their clients and go out of the way to make the process easy. Highly recommend to anyone needing to update their estate plans, create or update their will to contact Kathleen and her team." – Christina Humble

Questions Your Attorney Will Ask You…

  • What's the government program you want to qualify for? SSDI; Medicaid; Other State/Community-based programs that help pay for people's needs.

  • List of Assets, including approximate value – if you have investment assets, please bring a recent statement from the brokerage house that holds the assets

  • List of names, addresses, and phone numbers for those to whom you plan on leaving assets in a will – usually this is children, relatives, or even charities

  • A copy of the deed to any real estate you own – if you can find it

  • Decide who you want to use as your agent under a power of attorney, and that person's name, address, and phone number, if not included above

  • Decide who you want to be in charge of distributing your assets upon your death, including that person's name, address, and phone number, if not included above

Want to learn more? Join us for an upcoming event.

Tacos & Trusts

November 20 @ 6:30 pm - 8:00 pm