Do you have a special needs child? Do you often worry about his or her well-being after you are gone?
Although it can be difficult to think about, there are steps you can take to protect your child and put your mind at ease. The best thing you can do is create a special needs trust.
With this, you can provide the care your child needs, even after you are gone and no longer able to provide personal care.
Here are some of the many benefits of a special needs trust:
- The protection of government benefits. There’s a good chance that your child qualifies for some type of government benefit, such as Medicaid, subsidized housing or disability benefits. If you leave your child a lump sum of money, it may disqualify him or her from receiving these benefits in the future. However, with a special needs trust, this is no longer a concern.
- To maintain stability. It can be a challenge for any child to deal with the death of a parent. It’s important to take steps that will provide stability for your child in the future. With a special needs trust, you can name a trustee with the idea that this person will help your child continue to live his or her life in the best manner possible.
- A higher level of independence in the future. With the help of a special needs trust and the right trustee, it’s easier for your special needs loved one to maintain his or her independence after you’re gone.
These are the top benefits of a special needs trust, but you may come to realize many others as you look into this.
There’s nothing more important than an estate plan that focuses on the well-being of your special needs child. You don’t have to create a special needs trust, but you can’t afford to overlook the many benefits of doing so.
Get started by learning more about the process of creating a special needs trust. From there, focus on the legal ramifications on you and your child, all with the idea of making a decision as soon as possible.