While special needs trusts are not often talked about, they are crucial to those families who are mindful of the challenges that their special needs children will face when they are no longer around. It truly is a parent’s worst fear; who will take care of my special needs child when I no longer can? Those who do not have a special needs child cannot possibly understand the guilt and fear that begins to creep up on parents as they look into the unknown future and consider their child’s adulthood. It is for this reason, peace of mind, and many other legal ones, that a special needs living trust is crucial for many families.
Government Benefits for Special Needs Adults
We raise our children to live a life of their own, be self-sufficient, and independent. Unfortunately that story is not true for everyone, which is why the government offers benefit programs to financially assist special needs adults. While this is a great option and resource, financially it does not cover all of the expenses that will come up throughout life. Without the financial assistance of friends or family, the limited government assistance in Arizona can go towards limiting a person’s quality of life.
Government Rules and Financial Assistance
Government rules concerning family contributions and financial assistance to special needs family members can be incredibly confusing and easy to violate. Violation of these rules can put into jeopardy that person’s right to government assistance. According to Autism-PDD.net, the current government benefit programs do permit the family to provide some supplementary income and resources to the person with a disability. However, the government regulations are very strict, and they are carefully monitored.
Special Needs Trust for Personal Injury Settlement
What Benefits Does a Special Needs Trust Protect?
What Can Special Needs Trust Fund Money Be Spent On?
How is a Special Needs Living Trust Different?
Take this example; where the parents of a special needs child die tragically in Arizona. They had the foresight to set up a living trust and name the child as the beneficiary. However, the living trust was not set up specifically for a special needs beneficiary, so the government considered this financial assistance a contribution, and thus revoked the child’s right to any government assistance. This, of course, is a simplification of the process, but the point remains that without a specific special needs living trust, that child’s right to full government benefits may be revoked.
A special needs trust is specifically set up and created for families with special needs kids to protect not only those kids, but all assets after the parents are no longer around. With that in mind, the special needs trust is created in a way so that child does not lose any rights to government benefits or assistance while still receiving inheritance money.
It is vital that any Gilbert, Arizona family considering a living will consult with us before making any decisions. With over 25+ years in special needs trusts, we have the experience and knowledge to get you through this decision. One wrong word or phrase can make the difference between an inheritance that really benefits a person with a disability and one that causes that person to lose access to full government benefits.
If you’re considering a living trust, but have a child with a disability, talk to us about a special needs trust first.