Do you have a loved one with special needs? If you plan to leave assets to your loved one, it is important to plan carefully. With the help of a special needs trust, you can leave assets to your loved one without disqualifying him or her from important benefits. Here are some common questions regarding special needs trusts:
What is a special needs trust?
This type of trust is specifically made to benefit mentally ill or disabled beneficiaries. With a special needs trust, you can leave assets to your loved one without disqualifying your loved one from receiving government benefits.
When creating a special needs trust, you will appoint a trustee to help manage the assets. It is important to appoint a trustworthy and caring individual to ensure that your loved one receives the care that he or she needs.
How does a special needs trust work?
The trust assets can be used to pay for your loved one’s vacations and recreational activities. Typically trust assets are used to pay for everything above and beyond what governmental assistance covers.
Your loved one will benefit from your care and support and still be able to qualify for government benefits.
Is my loved one able to access the trust directly?
No, only a trustee is able to access the trust.
Should I work with an attorney when creating a special needs trust?
Because of the special laws and wording related to special needs trust, you will want to make sure your trust is legal and accurate; an experienced estate planning attorney can help with that.
If you have questions about special needs trusts, consult with a qualified estate planning attorney.