If you have a child or grandchild with special needs, it is important to take extra care in planning for their future. An estate plan that includes a Special Needs Trust can be a vital tool in ensuring that your child is taken care of after your death.
Special Needs Trust
A Special Needs Trust is a trust that can be used to provide for a person with special needs without affecting their eligibility for government benefits. A Special Needs Trust can be created by a parent, grandparent, or other relative of the person with special needs.
What makes the trust valuable to your loved one is that the assets in an Special Needs Trust are not counted as resources for purposes of determining eligibility for government benefits such as Supplemental Security Income (SSI) and Medicaid. This means that the beneficiary can still receive these benefits even if they have assets in an Special Needs Trust.
The assets in a Special Needs Trust can be used to pay for anything that improves the quality of life of the beneficiary, including medical and dental care, education, housing, transportation, and recreation.
Trustee Selection
When selecting who will serve as the trustee of a special needs trust it is important to consider who will be willing and able to take on the responsibility. Good options may include family members, friends, or even professionals. The trustee of an SNT has discretion over how the assets in the trust are used, and can use them for anything that improves the quality of life of the beneficiary.
A Special Needs Trust can be an important part of an overall estate plan for a family with a member who has special needs. If you are considering creating a Special Needs Trust, please call Eastham Law Offices today so that we can help ensure you have the best estate plan possible.