Arizona special needs trusts can be incredibly confusing, especially for families who are already under the stress of raising a special kid. In Gilbert, Chandler, even Scottsdale and Mesa, raising a special needs child takes incredibly courage, strength and a greater love than anyone can imagine. It is for these reasons that Family Trust for You attempts to provide quality, free and expert advice and tips to help guide you through the special needs trust process.
Social Security Benefits and Supplemental Trusts
With that courage, strength and great love also comes hours and hours of dedication, time spent taking care of a special needs child that is taken away from work. Between lost hours at work, medical bills, and consistent care, there is very little extra money to be put away in savings. However, the little money that you can set aside is done at great value and with great hopes of a better future for your child. It is the money that your child will need when you can no longer provide for them, and the financial support that will help them to continue to live a productive life. So you absolutely need to do everything in your power to make sure that money remains in their hands, along with all of the government assistance that they deserve.
However, because you want your child to remain on government assistance, and you want your child to receive the small ‘nest egg’ that you’ve left for them, your best intentions might end up hurting more than helping.
By leaving your child an inheritance, government law will see that as enough financial income to support the child, take care of medical bills and living expenses, and thus all government benefits will be taken away. Your inheritance will go towards medical bills, health care, and basic living expenses. However, when that inheritance is gone, so is your child’s financial future. They will have to reapply for government benefits, and without your or another family member there to guide them, they will have great trouble getting accepted for social security again.
The only way around this conundrum is to establish an Arizona special needs trust. A special needs trust is specifically designed for individuals with disabilities who are dependent on government assistance. The trust is not counted for purposes of social security eligibility, or any other government benefits, and thus you can leave your child a protected inheritance to insure their financial freedom for the future.
Hopefully, after reading through the information on FamilyTrust4You.com, you are coming to understand the importance of getting an expert to help you along this path. Drafting a special needs trust is incredibly complicated, and the last thing that you want to do is put your child at risk for losing all government benefits.
Need Help?
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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