A special needs trust is an essential estate planning document for some families. It can accurately help protect a disabled individual from losing government benefits if they suddenly acquire additional future income.
To ensure benefits aren't someday taken away or grow to be invalid, like when an inheritance occurs, the wording and planning of a trust like this need to be carefully thought out.
When you use the correct language and take the proper legal steps with a special needs trust, some benefits that will stay in place, despite what the future may hold. Depending on the beneficiary's lifestyle, creating a solid trust that plans for possible income changes is key.
A special needs trust may help:
- ensure government assistance continues
- protect Supplemental Security Income (SSI)
- keep Medicaid as a health plan
- maintain the utilization of vocational rehabilitation programs
- preserve subsidized housing qualifications and monthly adjusted rent amounts
- defend certain inheritance funds if they come into question
- keep any proceeds from a settlement that may have occurred on behalf of the disabled person
- protect resources if the disabled person was sued
Many health, government, lifestyle or monetary benefits can continue despite unforeseen circumstances when the right plan is in place. Since each situation is unique to the person involved, it's important to know the different benefits being used and which ones may need protecting in the future.
If a special needs trust is right for your family, you don't have to face figuring this out on your own. Trusted attorneys can always help unravel the pieces to protect the quality of life and future to the fullest