There are a number of options when it comes to trusts and we have discussed many of the ins and outs of trusts and other estate plans on this blog. However, everyone who sets up a trust has a unique situation and some types of plans work better than others for certain people. For example, special needs trusts can be very beneficial for certain families, but it is essential to make sure that a special needs trust is the right choice for you and your loved ones. If so, there are a number of reasons why this route may be advantageous.
For starters, if you have a loved one who is disabled, you may be able to pass down your assets without disqualifying them for government assistance that they depend on, such as Medicaid and Supplemental Security Income. Some people simply set up a will for their loved one who is disabled, which could disqualify them for these programs that they count on. Special needs trusts can also be set up to address your disabled loved one’s unique needs, which can be beneficial for those who do not even depend on government benefits due to their disability.
These are just some of the reasons why people decide to move forward with a special needs trust, but it is essential to review the ins and outs of your circumstances in order to make sure that your decision is preferable. In our trusts section, we provide even more insight related to special needs trusts.