Creating a trust can be incredibly helpful, whether someone wants to gain peace of mind with the knowledge that their estate will be taken care of after they pass away or they want to ensure that those they love have assets that will help them tremendously in the future. For some people, however, estate planning can be particularly complicated. For example, some have a loved one with special needs, and they worry that passing down assets to this individual could make them ineligible for government benefits. Fortunately, special needs trusts can help people avoid this and they offer other perks as well.
By creating a special needs trust for your family member, you may be able to pass down your assets while they are able to retain their eligibility for critical government assistance that they count on. This can be very useful since some people with special needs depend on these government programs to help them through life. Moreover, those with special needs often face enough challenges as it is, without losing key benefits due to their inheritance.
Not only can special needs trusts offer financial security, but they allow people to set up a trust that is tailored to suit the needs of their loved one. These trusts can be extremely useful for families who are facing these issues, and they may help everyone in the family sleep a little better at night. To read more about special needs trusts and other estate planning options, browse through our blog.