The Valuable Advantages Of A Special Needs Trust
When you create an estate plan, you aim to provide what you can for your loved ones. When you have a beneficiary who has special needs, you may seek to take care of them in every way possible. Such situations can be complicated, however, because without the proper protections in place, you could jeopardize their disability benefits.
Fortunately, a special needs trust can help mitigate such risks. At (NAP firm name), we have extensive experience helping parents and families as they create special needs trusts for their loved ones. As a firm that understands how important such a trust can be, we take a caring and committed approach to helping you create a comprehensive plan.
How Does A Special Needs Trust Work?
If your loved one receives Supplemental Security Income (SSI) or Medicaid, their assets can impact their benefits. A sudden influx of cash, for example, may disqualify them from receiving benefits altogether. The creation of a special needs trust allows you to circumvent this issue by appointing a separate trustee to oversee the use of the funds.
A special needs trust can be used to pay for:
- Medical expenses
- Physical rehabilitation
- Home care costs
- Living expenses
- Education needs
Learn More About Your Options
At (NAP firm name) we have helped clients all over Minnesota make plans to provide for their loved ones. Call us today at 651-968-1457 or toll-free at 866-442-3092 to schedule a consultation or to find out more about cost-effective estate planning. You can also contact us via email, simply fill out our contact form.