Estate planning encompasses more than a will. If someone you love receives government assistance, you may want to incorporate a specialty trust as part of your plan.
A special needs trust goes above and beyond to care for someone you love. Discover why you may want to add this to your estate and what it may provide for your loved one.
Who does a special needs trust benefit?
If you have a loved one who receives government assistance, such as Social Security or Medicare, that person may receive a special needs trust. When someone gets most of their essential needs met by the government, a special needs trust may help with extemporaneous expenses.
What if the condition is not permanent?
Someone you love may have become disabled in a car accident and unable to work. However, this may not always remain the case. If the condition improves and government assistance is no longer necessary, a special needs trust converts and funds other expenses. The trustee, or person you put in charge of overseer the funds within the trust, may make the determination.
Will it cover someone who may need benefits in the future?
What if you wanted to create a special needs trust for yourself should you become unable to work? You have the right to expect that you may become disabled and need government assistance. In this respect, a special needs trust may serve as an extra income source for those caring for your needs.
Speaking with someone who has experience in estate planning may put your mind at ease when caring for loved ones.