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Setting up a special needs trust

On Behalf of | Dec 13, 2021 | Wills & Trusts |

If you have a disabled child, grandchild or dependant, there are many factors to consider. What are the individual’s needs? What makes him or her happy? What would happen if the person no longer had you?

A special needs trust may set your loved one up for a smooth and stress-free future. As long as the beneficiary is under 65 and you have a qualified trustee in mind, you will not have to worry as much about uncertainties down the line.

How your loved one benefits

When you set up a special needs trust, it can cover your loved one’s care, food, shelter, transportation and other needs. Many public assistance programs are income-restricted, so your loved one’s eligibility may be in question at some point. It is good to arrange a backup plan in case anything goes wrong. On top of this, a special needs trust does not interfere with other factors such as disability benefits.

How you benefit

It helps to know where your money will go after your passing. You may have other children who do not need the proceeds as much, so you want to ensure it goes to someone who it will truly benefit. A special needs trust is irrevocable, so you know that whatever you set in place should not change later. Also, in the event of a lawsuit or debt obligation, no other parties can seize the assets.

You should ensure your loved one has as much support as possible. A special needs trust is an airtight, secure way to provide this support.