A Henson Trust is a particular type of trust designed to safeguard the inheritance of individuals with disabilities while ensuring they remain eligible for government benefits. The funds are managed by a trustee who can utilize them for the beneficiary's benefit, while the beneficiary cannot directly access them. This prevents them from being deemed "asset rich" and losing their benefits.
When you set up a Henson Trust, you transfer assets into the trust. The trustee then manages and uses the trust funds for the beneficiary's benefit. The trustee can use the funds for various purposes, such as housing, transportation, and medical care. The beneficiary does not have direct access to the trust funds, but they can request money from the trustee. The trustee can then decide whether or not to grant the request.
There are many benefits to setting up a Henson Trust for a loved one with disabilities.
These benefits include:
• Protection of inheritance: The trust funds are protected from creditors, lawsuits, and bankruptcy.
• Preservation of government benefits: The beneficiary can continue to receive government benefits, such as Ontario Disability Support Program (ODSP) and the Canada Pension Plan Disability (CPP-D).
• Expert management: The trustee can manage the trust funds wisely and ensure they are used for the beneficiary's benefit.
• Flexibility: The trustee can use the trust funds for various purposes, such as housing, transportation, and medical care.
To establish a Henson Trust in Ontario, working with a knowledgeable estate planning attorney who can help you draft the trust document accurately is crucial. They can also guide you in choosing a qualified and dependable trustee.
Tabuchi Law, based in Toronto, is a reputable estate planning law firm with a wealth of experience protecting individuals with disabilities. We can assist you in comprehending the benefits of a Henson Trust and creating a trust tailored to your specific needs. Reach out to us for assistance today.
Discover the powerful protection of a Henson Trust for individuals with disabilities. Safeguard your assets while maintaining eligibility for crucial government benefits. With this trust, you can confidently set aside funds for their care without jeopardizing their aid. Start securing their future today.
Henson Trusts are designed to assist individuals of all age groups with disabilities, including physical, mental, or developmental challenges. The key requirement is that the individual is unable to manage their financial affairs. With our support, you can ensure their future financial well-being.
Creating a Henson Trust is a powerful tool for parents or caregivers to secure the financial future of a disabled beneficiary. This trust safeguards assets such as money, property, and investments, while the trustee skillfully manages them to meet the beneficiary's unique needs and aspirations. Moreover, the trust acts as a shield, safeguarding these assets from potential creditors and unscrupulous individuals. Rest easy, knowing that a Henson Trust gives you peace of mind and protects your loved one's financial well-being.
Discover the numerous benefits of Henson Trusts for disabled individuals and their loved ones. With asset protection against creditors, maintained government benefit eligibility, and control over asset management and distribution, Henson Trusts provide peace of mind that the beneficiary's needs will be effectively addressed. Learn more and take action today!
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