5 Facts About Special Needs Trusts
Special Needs Trusts are important for ensuring that the beneficiary will not lose entitlement to government benefits while still being able to take advantage of property left to them through the trust. Here are a few key points regarding the special needs trust.
- The trust can be managed administratively if the beneficiary is not able to manage the property.
- Special needs trusts are sometimes referred to as supplemental needs trusts.
- Special needs trusts are good options for individuals with both physical and mental disabilities.
- It is never too early to plan for a special needs trust.
- Special needs trusts are an effective way to ensure that your loved one will not lose entitlement to necessary government benefits.
When estate planning, it is important to keep your family members with disabilities in mind. It is not enough to leave them an inheritance, it must be done in such a way that provides for the possibility of lifetime support while maximizing other benefits. Over a lifetime, depending on the disability, it can cost millions of dollars to care for a individual with a disability. The proper trust can be an effective way to contribute to this cost and help promote the quality of life that you wish for your family member to enjoy.