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Reviewing some perks of special needs trusts

| Mar 17, 2021 | Special Needs Planning |

As the parent or close relative of a loved one with special needs, you have an array of factors to explore when creating an estate plan. Focusing on the long-term impact of your estate plan with respect to your loved one with special needs must remain a top priority. Fortunately, special needs trusts offer a variety of benefits for families that have a loved one with a disability. 

Before setting up a special needs trust, you must review the various advantages that come with taking this route and consider your other estate planning options. 

How do special needs trusts help the disabled?

There are multiple ways in which special needs trusts support disabled individuals. Disability Rights Washington draws attention to multiple benefits associated with special needs trusts. These trusts do not interfere with a disabled family member’s ability to retain his or her ability to stay eligible for critical government benefits. In other instances, some people with special needs lose access to these benefits as a result of assets they acquire from a loved one’s estate plan. For example, if your loved one receives Medicaid or Supplemental Security Income (SSI), a special needs trust could help prevent them from losing their eligibility.  Special needs trusts also provide a system to manage money on behalf of a disabled individual.

How should you approach the process of creating a trust?

If you have determined that a special needs trust is the right move for your family, carefully go over the steps that come with this option. Moreover, it is often helpful to discuss these issues with other family members and your disabled loved one, if possible. 

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