There is any number of reasons why a special account to plan and cater to special needs individuals is important; yet, many people tend to have all of the reasons in the world not to set up one of these accounts. However, an Arizona special needs trust account can ensure that a special needs person has the financial protection they need to both reap government benefits that can sustain them in the day-to-day and provide a supplemental income to cover the gaps that may be left by disability income. Consider some of the more common reasons why people avoid getting an Arizona special needs trust account and why those reasons don’t hold up.
- Only rich people need and can afford to set up an Arizona special needs trust account: This is not the case. If you have a mere $2,000, you can afford to open this type of financial account. Once you’ve got it open, you will be glad that you did, as you can be assured that your child will now be taken care of in the long-term because of the presence of the special needs trust account.
- I can’t afford to maintain a special needs trust: It isn’t overly costly to maintain this account, nor is it as expensive to set it up as it will be to figure out what to do with your special needs child should something happen to you. And while you can take all of the steps in the world to be safe and maintain good health, there is always the possibility that something will happen to you when you least expect it, rendering you unable to care for a special needs family member anymore. Then, they may be struggling for an extended period of time as a result and may find themselves unable to fill in those gaps between their expenses and the monies they receive for disability because you are not there to help facilitate the process.
- I’ve already named by child as a beneficiary on another special account: This may be the case, but in some cases, if the money comes directly to your child instead of into an Arizona special needs trust account, it can wreak havoc with their other benefits, particularly if they receive governmental disability. Funneling those beneficiary funds into a special needs trust account ensures that your child has access to the money for core expenses, without the need to worry how access to the funds affects their ability to continue to qualify for and receive government disability benefits. Moreover, it ensures that your child can’t be taken advantage of in terms of just handing over the cash to an unscrupulous family member or friend; monies from an Arizona special needs trust can only be spent on certain types of expenses, which means it offers a lay of protection for your child as well.
- I’m too young to worry about it: You are never too young to worry about taking care of your own or your child’s future. When it comes to the need for a special needs trust account, age should never be a factor.
- If my child gets disability income: This is great because it provides an extra layer of financial protection for your child. However, an Arizona special needs trust account provides a financial net to fill in the gap between what your child needs to survive from day to day with what is provided in terms of government benefits. It also provides for long-term care should your special needs family member need more extensive care than what they have access to at this moment.
- Lawyers make me nervous: Lawyers can be hard to deal with in some instances; so can doctors and the dentist, but you still make it a point to visit both of those professionals at least once a year. The right lawyer can explain the benefits of an Arizona special needs trust to you and walk you through the process of setting up this type of account. You will be happy you did so because of the peace of mind you will have in knowing that your special needs family member is provided for no matter what.
If you have a special needs child and need assistance with one of the most important things you’ll ever do, creating a special needs trust, contact me today.