If you have a family member who struggles with a disability, you could have a number of different issues to confront on a regular basis. From providing care to dealing with concerns about their future, these situations can generate stress, anxiety and uncertainty. It is essential to go over all of your options, especially when it comes to your estate and your loved one’s financial future.
In some instances, a special needs trust is an excellent way to safeguard the financial future of someone with special needs. It is crucial to understand how these trusts work and various advantages they offer.
Special needs trusts and government benefits
The Virginia Law Library provides information on special needs trusts, which can help those who struggle with a disability that has left them incapacitated or someone dealing with a chronic illness. These trusts can help disabled people who depend on government benefits continue to receive these benefits, regardless of the assets they have through a special needs trust.
For example, special needs trusts can help disabled people who depend on Medicaid or Supplemental Security Income maintain their eligibility to receive these benefits, while assets they receive through other types of trusts could disqualify them from this assistance.
Special needs trusts and peace of mind
Aside from helping ensure that a disabled individual can receive benefits they need, a special needs trust can provide beneficiaries and entire families with peace of mind. If you create an effective special needs trust, this could give your family a sense of relief. Make sure you weigh your options and approach the process of setting up a special needs trust carefully if you decide that this is the right move.