If you care for a person with special needs, it may be time to think about what happens when you pass away. Ensuring that an elderly or disabled relative is looked after is not always as simple as it sounds. In fact, good intentions can often lead to a vulnerable person being left less financially secure.
If a disabled person needs financial support after your death, it is important to consider how leaving assets or money will impact benefits like Medicaid. By creating a special needs trust, you can provide financial support without compromising eligibility.
Special Needs Trust Planning
A special needs trust should be structured in such a way that it serves the best interests of the recipient of financial support. As your assets become part of a trust which is controlled by an organization or another third party, they are not considered personal assets. This safeguards the elderly or disabled person from losing other benefits they are entitled to from the government.
Typical care needs may include travel, vacations, respite care or extra spending money to indulge in special interests. A trustee is responsible for ensuring these needs are met using the assets that make up the special needs trust.
If you would like to ensure that a special needs trust is in place for a loved one, contact Turner Law today. We have the experience to help you plan and create a special needs trust that will provide adequate financial support after your death.
Call our Georgia offices today if you have further questions or need another type of estate planning service. We serve clients in Decatur, the greater Atlanta area and throughout Georgia. Planning your future financials is made easy with the help of Turner Law.
Posted on the behalf of Turner Law, LLC