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Would your family benefit from a special needs trust?

| May 22, 2020 | Firm News

Planning for the future is not easy, especially when your family has a member with special needs. You may need to craft an estate plan that will allow you to address future concerns, but you also need to consider what your loved one will need down the road. One way you can address these concerns is to establish a special needs trust. This is a tool that will allow you to plan for the protection and support of someone who cannot care for himself or herself.

A special needs trust is a tool used to set aside and protect assets for the benefit of those who will need long-term support and protection. This is a better option than simply passing assets down in a will, and it allows you to have more control over what happens to your assets and money. As you make a plan, you may want to consider how this specific option may benefit your California family.

What does it do?

If you decide to pass assets or money directly through your will to a loved one who has special needs, it could affect his or her eligibility for government benefits. However, using a trust can allow you to make sure he or she has money for housing, medical care, daily support and other needs while retaining other types of benefits. This provides you with additional peace of mind that the beneficiary of the trust will have what he or she needs for years to come.

When establishing a special needs trust, you will name a trusted individual to oversee the distribution of assets from the trust and management of assets held in the trust. If you have a special needs child or you are caring for a loved one who depends on you for support, it is crucial that this factors into your estate planning efforts.

Confidence for the future

It can be difficult to consider what will happen after you pass, and you may not be sure what your loved one may need for years down the road. Life is unpredictable, but with the right tools and documents, you can look to the future with confidence.

You may find it helpful to discuss your concerns and estate planning objectives with an experienced attorney. An assessment of your case can help you see what you need in your plan to suit the specific and unique needs of your loved ones and beneficiaries.