Are you concerned about the welfare of a special needs relative? When you are no longer around to take care of a disabled or elderly loved one, they may struggle to get by financially. Even if you have money that you could leave in a will, doing so could lead to greater hardship.
Government benefit recipients must declare personal assets, which can affect the level of support to which they are entitled. Well-meaning carers or guardians are therefore put in a difficult position. However, there is another way to ensure that a relative is financially supported after you pass away.
A type of irrevocable trust, a special needs trust is ideally suited to persons who qualify for Medicaid and other government benefits. Any assets are in the name of the trust, rather than the beneficiary. This means that assets held by the trust for your loved one are not considered when applying for government benefits.
Disabled or Elderly Beneficiaries
If you care for a disabled child or adult, creating a special needs trust can cover certain financial expenses. Your loved one can benefit from additional spending money, cover travel costs, take vacations or use the money for other supplemental needs.
Elderly relatives can also benefit from assets placed in a special needs trust. The extra money is often a lifeline for beneficiaries who have very little in the way of savings. An experienced estate lawyer can help you create a special needs trust that will help to meet the needs of your loved one.
At Turner Law, we are compassionate and knowledgeable about creating irrevocable trusts that make estate planning easier for our clients. If you live in or around Decatur, reach out to us at (866) 768-5365 to discuss your needs. Robert Turner can provide legal services for most aspects of your estate planning, so ask when you call our offices today.
Posted on behalf of Turner Law, LLC