Parents often wonder who will care for their child and how the child’s needs will be met once the parents are no longer around. Parents of children consider a Special Needs Trust to help ensure their child’s health and welfare needs are met. It is important to deicide on whether or not an Arizona Special Needs Trust is right for your child.
There are many benefits of having a special needs trust other than to preserve eligibility for government programs and a Special Needs Trust is essential for people who are unable to independently manage their finances. Below are advantages and reasons to have an Arizona Special Needs Trust set up.
- A Special Needs Trust can keep a person eligible for government programs like SSI and Medicaid and help pay for services and care over and above what the government provides.
- Funds used to create a Special Needs Trust are tax-deductible.
- A Special Needs Trust ensures that funds are used for the care of the person with a disability – This is especially comforting when there is a concern that the person with a disability could be influenced or taken advantage of in matters concerning money.
- Funds are not available to creditors or for paying judgments. Even if you or the special needs individual has some type of debt, creditors will not be able to seize the assets within the trust. This means that the money within the trust is going to be protected and ensure that the special needs individual is taken care of.
- The money is used only for the care of the person with a disability.
This is only a basic overview of the benefits of a special needs trust. If you believe that a special needs trust is right for someone in your family, it is important to hire a qualified attorney for the preparation of your estate so the special needs trust can be tailored in a way so as to provide for the particular beneficiary’s needs.
So if you are considering setting up an Arizona Special Needs fund, contact Scott Schoeller at Family First at 480-266-4025 and we will set one up for you or answer any questions that you may have regarding one.