SPECIAL NEEDS TRUSTS
If you currently care for a child or loved one with special needs, whether due to mental or physical disabilities, you may have concerns about how they will be supported when you are no longer able to provide that care. One important consideration is how to provide for them financially, without jeopardizing their access to essential public benefits.
Simply leaving money or assets to a loved one with special needs can unintentionally disqualify them from government programs like Supplemental Security Income (SSI) and Medicaid. These programs provide critical support, but only cover the bare necessities, such as food, housing, and clothing. Without careful planning, an inheritance may disrupt their eligibility for these benefits, leaving them vulnerable. Fortunately, the government allows you to create a Special Needs Trust (or Supplemental Needs Trust) to address this issue. This trust preserves your loved one's eligibility for SSI and Medicaid while providing funds for their additional needs, enhancing their quality of life beyond basic necessities. |
A Special Needs Trust allows you to leave assets to your loved one without compromising their benefits. The funds in the trust can be used to supplement, but not replace, public benefits. The trustee you designate will manage the funds and distribute them for your loved one’s benefit, ensuring they continue to receive public assistance while also enjoying a richer, more comfortable life.
What Can a Special Needs Trust Cover?
A Special Needs Trust can be used to provide for a wide range of life-enhancing services and experiences, including:
What Can a Special Needs Trust Cover?
A Special Needs Trust can be used to provide for a wide range of life-enhancing services and experiences, including:
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The trust ensures that these expenses are paid for without jeopardizing public benefits, allowing your loved one to maintain both financial security and a fulfilling lifestyle.
Customized Estate Planning for Your Family
Creating a Special Needs Trust is a critical step in estate planning for anyone with a loved one who has a disability. This type of trust can be created as a standalone document funded with assets like a life insurance policy, or as a sub-trust within an existing living trust. By carefully structuring the trust, you ensure that your loved one is cared for after your passing, without facing unnecessary financial hardship.
We understand the unique concerns of families who care for individuals with special needs. We can help you craft a plan that protects your loved one and gives you peace of mind for the future.
You don’t even need to leave the comfort of your own home, with virtual meetings now available via Zoom, FaceTime, or by phone we can discuss what your needs are and create a plan.
Reach out to book your virtual appointment today.
Customized Estate Planning for Your Family
Creating a Special Needs Trust is a critical step in estate planning for anyone with a loved one who has a disability. This type of trust can be created as a standalone document funded with assets like a life insurance policy, or as a sub-trust within an existing living trust. By carefully structuring the trust, you ensure that your loved one is cared for after your passing, without facing unnecessary financial hardship.
We understand the unique concerns of families who care for individuals with special needs. We can help you craft a plan that protects your loved one and gives you peace of mind for the future.
You don’t even need to leave the comfort of your own home, with virtual meetings now available via Zoom, FaceTime, or by phone we can discuss what your needs are and create a plan.
Reach out to book your virtual appointment today.