Special Needs Trusts
What is a Special Needs Trust?
A special needs trust is a legal arrangement that allows you to provide financial support to a person with a disability without disqualifying them from government benefits such as Medicaid and Supplemental Security Income (SSI).
How Does a Special Needs Trust Work?
A special needs trust is funded with assets that are not owned by the person with the disability. The trustee of the trust manages the assets and uses them to provide for the person's needs, such as medical expenses, housing, and transportation. The trust can also be used to pay for things that are not covered by government benefits, such as vacations, entertainment, and gifts.
What Are the Benefits of a Special Needs Trust?
There are many benefits to having a special needs trust. Some of the most common benefits include:
Protecting government benefits. A special needs trust can help to protect a person's eligibility for government benefits such as Medicaid and Supplemental Security Income (SSI).
Providing financial support. A special needs trust can provide financial support to a person with a disability without disqualifying them from government benefits.
Giving you more control. A special needs trust gives you more control over how your assets are used to benefit the person with the disability.
Who Needs a Special Needs Trust?
Not everyone needs a special needs trust. However, if you have a person with a disability who receives government benefits, you may want to consider getting a special needs trust.
How to Get a Special Needs Trust
You can get a special needs trust from an attorney. The cost of a special needs trust will vary depending on the complexity of the document and the fees charged by the attorney.
Conclusion
A special needs trust is a valuable estate planning tool that can help provide financial support to a person with a disability without disqualifying them from government benefits. If you are considering getting a special needs trust, I encourage you to speak with an attorney to discuss your specific needs.
Here are some additional benefits of having a special needs trust:
It can help to relieve stress and anxiety for the person with the disability and their loved ones.
It can help to avoid conflict between the person with the disability and government agencies.
It can help to ensure that the person with the disability's needs are met in the event of your death or incapacity.
If you are considering getting a special needs trust, I encourage you to speak with an attorney to discuss your specific needs.
