Estate planning can be tricky for multiple reasons, and some people have a hard time figuring out which type of estate plan is right for them. Every family is in a unique position, and some, such as those who have a loved one with special needs, have particularly challenging circumstances. Fortunately, there are strategies to account for these issues, such as creating a special needs trust. In this post, we will take a look at the various reasons why special needs trusts can be so helpful.
When a family member struggles due to their special needs, the entire family may be worried about their well-being in the future. They may count on critical assistance programs provided by the government, and receiving assets from an estate plan could jeopardize their ability to keep receiving these benefits. Fortunately, a special needs trust could help address this dilemma, providing them with the support they will be counting on down the road.
Special needs trusts can help those with special needs continue to receive assistance from government programs while also being entitled to a portion of their deceased loved one’s estate. This can be a lifeline for families who are uncertain about how to distribute assets in an estate when doing so could threaten someone’s ability to keep receiving benefits due to special needs.
Before you move forward with a special needs trust, it is paramount to take a close look at all of your estate planning options. For many people, this strategy makes a lot of sense, but it is not ideal for everyone.