A special needs trust is a specific kind of trust that allows individuals with loved ones who have special needs to be taken care of after they’re gone. Special needs trust estate planning can seem overwhelming at first, but with the right special needs trust planning company, you can save your loved one(s) a tremendous amount of trouble later on in their lives.
Perhaps the most important aspect of special needs trust estate planning is that it allows loved ones with special needs to become a beneficiary of your estate through a trustee rather than through a direct contribution. By allowing a special needs trust estate planning company to act as an intermediary, you will give your loved one(s) the chance to continue to benefit from existing government assistance programs. Programs like Supplemental Security Income (SSI) and Medicaid can cut benefits by almost a third if the special needs beneficiary of your estate is seen as having too high of an income.
Quality of Life
A trustee in charge of your special needs trust estate planning will see to it that your relatives continue to enjoy their existing quality of life while still maintaining access to their needed government assistance programs. A good special needs trust gives loved ones the chance to procure things such as medical care, dental visits, furniture, cars, trips, and everyday needs.
Special needs trust planning will prevent your loved ones from being taken advantage of by those who attempt to take advantage of their disability financially or otherwise. With your estate’s assets being handled by a trustee, your beneficiary will be protected from losing everything. Additionally, the trustee will make sure that your loved one’s daily needs are being met.
A great advantage to dealing with a special needs trust planning company is that with qualified professionals in charge of your estate, your surviving loved ones will be able to live comfortably in the knowledge that your relative(s) with special needs will have the things they need to have a fulfilling existence. Your family won’t have to worry that they aren’t doing the right thing when it comes to caring for your special needs relative.
Special needs trust estate planning is something that is extremely valuable to those with loved ones who have special needs that impact their daily lives and functions. It allows you to know that when you’re no longer around, your family with special needs will have the quality of life and continued access to existing benefits that will let them stay happy and healthy.