There are all sorts of trusts that people are able to set up in order to make sure their loved ones are able to receive their property once they pass away. For some people, unique situations require an even closer look at different types of trusts, such as those who have a loved one with a permanent mental or physical disability. For some people in this position, a supplemental needs trust, also known as a special needs trust, may be very beneficial. However, it is vital to look at the ins and outs of this type of trust beforehand.
According to the Human Resources Administration, a supplemental needs trust allows beneficiaries to retain their eligibility for government assistance programs such as Medicaid while also receiving funds from a trust as a beneficiary. For those who are interested in creating a trust that will benefit a loved one who is struggling with a disability and has special needs, a supplemental needs trust may be the ideal option. However, it is important for those thinking about setting up a trust to explore all options and carefully go over the details of each before making a final decision.
Setting up a trust is not only an excellent way to ensure that property stays in the family and loved ones are taken care of in the future, but it can also provide people with peace of mind. By taking a careful look at your options, you may find more confidence and a sense of relief in your decisions.