For families with members who have special needs, planning for the future is of utmost importance.
Establishing a special needs trust helps ensure the health and happiness of those who require continuing care. This legal instrument offers a host of valuable benefits.
Preserving eligibility for government assistance
One reason to set up a special needs trust is to assure qualification for social services. Many with special needs rely on government benefits, such as Supplemental Security Income (SSI) or Medicaid. However, these programs have strict eligibility criteria. By placing assets in a special needs trust, the person can continue to receive these monies without worrying about jeopardizing other funding sources.
Providing supplemental support
A special needs trust allows family members to give even more to loved ones. While government assistance covers basic needs, a trust can subsidize additional expenses, thus enhancing the recipient’s quality of life. Additional monies may go toward educational opportunities, recreational activities or mobility devices.
Ensuring professional management
Handling financial affairs can be complex for anyone. It is particularly challenging for citizens with dependencies. A special needs trust allows a financial professional to look after and control the designated assets on behalf of the beneficiary.
Addressing long-term care needs
People with special needs often demand a lifetime of attention and management. Special needs trusts address these continuing obligations, covering expenses such as medical care, therapies and specialized services. Taking a proactive approach ensures that the person’s wellness remains a priority.
Providing peace of mind for caregivers
A special needs trust can be a source of emotional comfort. Family members know a comprehensive plan is in place that assures ongoing support for the individual in question.
Creating one of these trusts makes perfect sense in particular circumstances. These financial mechanisms ensure that compromised relatives enjoy the lives they deserve.
