Do you have a loved one with special needs? Are you their primary caregiver? Are you concerned about what will happen to them upon your passing?
If you answered yes to one or more of these questions, it’s important that you consider all your estate planning options. For many people in this position, the creation of a special needs trust could be an option and may be crucial to protect those you love who may not able to protect themselves.
What can a Special Needs Trust Do?
A Special Needs Trust can:
- Protect state and federal benefits: For example, if your loved one and beneficiary currently receives state and federal benefits, you need to plan accordingly so those benefits continue even after you’re gone. If your estate plan leaves funds outright to a beneficiary who relies on state and/or federal benefits, those benefits could be at risk because the funds they receive from your estate could disqualify them from receiving the benefits they need.
- Ensure that assets are used as intended: When creating a special needs trust, you can outline how the assets within it should be used. This allows you to ensure the financial well-being of your loved one, even after you’re gone. For example, you can direct how money is to be spent for expenses such as housing, transportation, and healthcare.
- Offer peace of mind: You owe it to yourself and your loved one to secure as much peace of mind regarding the future as possible. You’ll always have questions and concerns about the future well-being of your family, but the right approach to estate planning can reduce your stress and anxiety. If you are a caregiver to a loved one with special needs, and you worry about their future after you’re gone, consider the advanced planning available through a Special Needs Trust.
Creating a special needs trust is a detail-oriented process, which requires specific skills, knowledge, and experience, so make sure you have a qualified legal professional guiding you. Contact our law firm online or via phone at 410-654-3850 to schedule a consultation.