Estate planning offers various benefits, from providing peace of mind for those who set up estate plans (and their family members) to the financial resources that loved ones count on after someone who is very close passes away. However, our law firm recognizes that some people face additional challenges during the process of setting up an estate plan. For example, those who have a loved one with special needs often have uncertainty with respect to their options and the way in which their estate plan will impact their loved one in the future. In this post, we will examine some of the perks of special needs trusts.
For starters, those who have special needs often count on government benefits to get by. Sometimes, receiving inheritance through an estate plan jeopardizes their eligibility. Fortunately, many are able to bypass these consequences by creating a special needs trust that takes the unique needs of their family member into account. By setting up a special needs trust properly, loved ones with special needs have the ability to retain eligibility for critical forms of government assistance while gaining access to assets via a trust.
Those with special needs often cannot work and government assistance plays a critical role in their ability to get by. Fortunately, this option has allowed many families to help a loved one with special needs by providing assets that they need without interfering with the assistance they receive. Those who have a family member with a serious disability and neglect to review these factors sometimes create unnecessary challenges in their loved one’s life and our website discusses this issue in more detail.