For any family member with special needs, it might be easy to forego the complex process of creating a living trust. Many families just don’t seem the need—it is easier to just spend the money and ensure that loved one is taken care of. A special needs living trust, however, clearly establishes the beneficiary as eligible for government benefits. A trust also keeps the money where it belongs, separating it to the beneficiary’s care alone. Finally, in the event of a financial reversal, living trust funds are protected from seizure.

 

A Special Needs Trust Allows the Beneficiary to Remain Eligible for Benefits

 

Setting aside moneys for a living trust can actually save money. Here’s how: a properly drafted living trust sets money aside that the government won’t pay for special needs benefits. In addition, a living trust makes the beneficiary eligible for those benefits. That means that the trust only pays what the government won’t. When written correctly, a trust will maximize the benefits available to the beneficiary from the government, while the family’s funds aren’t spent unless absolutely necessary.

 

Puts the Money where it belongs—In the Beneficiary’s Hands

 

A family should never run out of love—or trust. Wouldn’t it just be easier to give the money necessary for special needs care to a trusted caregiver—a sibling, perhaps? Unfortunately, that can be a recipe for exploitation. Ensure that money goes where it belongs—to the beneficiary—with a properly drafted living trust for your special needs loved one. It legally sets the money aside for the care of your loved one. It clears up potential legal hurdles, paving the way for more trusting, well established family relationships down the line.

 

Trust Funds Cannot Be Seized

 

Especially in lieu of today’s economic realities, financial reversals are part of life. Divorce, bankruptcy, sudden unemployment, or other financial emergencies may bring into question how medical care funds are budgeted in your home. Funds that are part of a living trust cannot be seized by creditors. That means your loved one will be taken care of in the event you face a financial reversal. Creditors cannot seize those trust funds. Maintain security in the long term for your special needs loved one with a well-written living trust.

A properly drafted living trust for your special needs family member keeps your loved one eligible for benefits, legally secures funds for your loved one’s care, and cannot be seized by creditors. Secure your loved one’s future with a living trust.

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If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

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