If you have decided to create a trust or a will, there are definitely a number of options on the table. It is critical for you to figure out which estate plan will suit your needs best, and help your loved ones in the years ahead. If you have a family member with special needs, a special needs trust could be the way to go. However, you may have questions about this option and it is essential to review the ins and outs of special needs trusts before moving forward. This option can provide a variety of benefits for those who create these trusts and their loved ones.
According to the California Department of Health Care Services, special needs trusts let disabled people retain their eligibility for certain government benefits, even though they would have been disqualified for such benefits otherwise. This can be very helpful for those who want to pass down assets to a family member with special needs, especially if they are worried that their disabled loved one would become ineligible for government benefits that they depend on. For someone with special needs, receiving assets from an estate plan as a beneficiary can make life very challenging if they become ineligible for crucial benefits.
Aside from helping your loved one with special needs, and other family members (such as relatives who care for them), you may have peace of mind after creating a special needs trust. While there are a variety of possible benefits, it is very important to approach this process carefully.