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The advantages of a special needs trust

| Aug 18, 2020 | Estate Planning

If you are thinking about creating a trust, we realize that you likely have a myriad of questions and concerns. Estate planning often brings up a lot of uncertainty and many people struggle with various aspects of the estate planning process, from figuring out the type of estate plan that suits their needs to naming beneficiaries and finding the right person to oversee an estate. If you have a loved one with special needs, you have additional considerations. Fortunately, special needs trusts help many people address these concerns.

Special needs trusts often benefit entire families, and it is important to understand the key perks of this estate planning strategy.

Special needs trusts and government benefits

For starters, special needs trusts are crucial for those with disabilities who depend on government assistance. According to the California Department of Health Care Services, special needs trusts grant disabled individuals the ability to continue receiving government benefits while also receiving assets from an estate plan. Disabled individuals who receive assets from other types of estate plans sometimes lose their eligibility for government programs that they count on.

Carefully creating a special needs trust

Those who are approaching the process of setting up a special needs trust often have various hurdles to work through. Some people are unsure of what to include in their trust or how to handle various estate planning issues. It is very important to minimize stress and have a clear mind when creating a special needs trust. Often, it is a good idea for people to discuss their estate plan with loved ones.