If someone in your family has special needs, our law office realizes that various challenges that your family likely has to work through. From concerns about their well-being to financial issues and devoting a considerable amount of time to providing them with support, you probably have a number of responsibilities and issues to work through. If you are setting up an estate plan, it is important to understand your options and the way in which your decisions will affect your loved one.
For some people, special needs trusts are ideal and bring a number of benefits.
Special needs trusts and government programs
When people create an estate plan, they often worry about the financial impact of passing down assets to beneficiaries. Aside from taxes, those who have a family member with special needs are often concerned about their ability to retain eligibility for crucial government programs. Fortunately, special needs trusts allow many beneficiaries to retain eligibility and continue receiving assistance from the government while also gaining access to proceeds from their loved one’s estate plan.
Creating a special needs trust
If you determine that a special needs trust is the way to go after reviewing your options, make sure that you move forward carefully and create an effective plan. Everyone is in a unique situation when it comes to their estate and you also need to think about some of the needs and challenges that your loved one has to work through. Review our blog to read more about setting up a trust and other topics related to estate planning.