Special Disability Trust Lawyers Melbourne
Special Disability Trust Wills
If you have a loved one with a disability, planning for their long-term care and financial security is essential. A Special Disability Trust (SDT) is a valuable estate planning tool that can provide financial support for a person with a disability, ensuring they receive care while also protecting their eligibility for government benefits.
At Alpine Legal, we offer expert legal guidance on setting up and managing Special Disability Trusts. Our team can help you navigate the legal complexities, ensuring the trust is structured to provide maximum benefit for your loved one while complying with relevant laws and regulations.
What is a Special Disability Trust?
A Special Disability Trust is a type of trust created under Australian law specifically to provide financial support for a person with a severe disability. The trust can be used to help cover the costs of accommodation, care, and other needs for the person with a disability.
SDTs offer several key benefits, including:
Protection of government benefits: Assets held in an SDT are generally exempt from means testing for government support such as the Disability Support Pension (DSP) or other income-based benefits. This helps to maintain eligibility for important government assistance.
Financial support for disability-related expenses: The trust can be used to pay for accommodation, care, education, and other expenses related to the well-being of the person with a disability.
Tax benefits: Contributions to an SDT and income generated by the trust may be subject to special tax treatment, potentially offering tax savings for the family or trust.
Long-term security: An SDT ensures that funds are managed responsibly and directed to the care and needs of the person with a disability, providing long-term support after the benefactor's passing.
Why Set Up a Special Disability Trust?
Setting up an SDT is an important decision, and it offers significant advantages in terms of both financial security and maintaining government benefits for a person with a disability. The main benefits of an SDT include:
Preserving government entitlements: An SDT ensures that a person with a disability remains eligible for government benefits, even if substantial assets are held in the trust.
Flexibility and control: You can structure the trust to provide ongoing care and support according to the specific needs of your loved one, giving you peace of mind that they will be cared for long-term.
Protection from creditors and other claims: The trust provides protection from any potential claims or financial difficulties faced by the individual with a disability, including protection in the event of a relationship breakdown or bankruptcy.
Who Can Benefit from a Special Disability Trust?
Special disability trusts can provide significant benefits for Queensland families who wish to make financial provision for a loved one with a severe disability while preserving their access to government support and benefits. They are commonly used by:
Parents who wish to provide long-term financial security for a child with a disability.
Families seeking to ensure funds are available for the ongoing care, accommodation and support needs of a loved one.
Blended families who wish to make specific provision for a beneficiary with a disability while balancing the interests of other family members.
Business owners and individuals with significant assets who wish to create a structured and protected source of financial support for a beneficiary with a disability.
Grandparents and other family members who wish to contribute to the future wellbeing of a loved one with a disability through their estate plan.
A properly established special disability trust can provide financial security, asset protection and peace of mind, helping ensure a loved one with a disability is cared for both now and into the future.
How We Can Help
At Alpine Legal, we guide families through the process of establishing a Special Disability Trust by providing services such as:
Advice on eligibility and requirements for creating a Special Disability Trust
Drafting and setting up the trust in line with Australian law, ensuring it meets all legal requirements
Selecting suitable trustees who will manage the trust and ensure its assets are used for the intended purpose
Advising on funding the trust, including contributions from family members and the ongoing management of trust assets
Ensuring compliance with both taxation laws and disability-related support regulations
Helping manage and administer the trust once it’s in place, ensuring the long-term financial security of your loved one
Assisting Clients Throughout Queensland
Alpine Legal assists clients throughout Queensland with special disability trusts and estate planning advice. We can provide advice and prepare special disability trusts remotely, allowing Queensland clients to access experienced legal assistance without attending our Melbourne office.
Whether you are looking to provide long-term financial security for a loved one with a disability, make provision for their future care and accommodation needs, or incorporate a special disability trust into your estate plan, we can help you establish a structure that reflects your family's circumstances and objectives.