Reasons Why Special Needs Trusts Can Be Advantageous
We have covered some different estate planning issues on this blog, such as the importance of finding an estate plan that is right for you. In this post, we will explore special needs trusts, which have been a lifeline for many families who have a loved one with special needs. There are different reasons why a special needs trust may be suitable for you and those you love, but it is pivotal to go over the ins and outs of this option beforehand. If such a trust is right for you, there may be numerous benefits for your family.
If you have a family member with special needs, our law firm realizes that you may have different hurdles to overcome on a daily basis. Moreover, you could be worried about how their future will be affected in the event that you pass away and are no longer able to provide them with care. Fortunately, there are ways you can continue to help them out down the road. For example, a special needs trust may provide them with the financial resources they are counting on.
Unfortunately, those with special needs may lose government benefits they depend on because their loved one’s estate plan disqualifies them for such benefits. Special needs trusts can help people avoid this predicament by allowing those with special needs to receive assets from a trust without losing eligibility for crucial benefits. If this sounds like something that may work out well for your family, it is important to review this option closely.