When it comes to long term planning and estate considerations, there are a number of products that can be useful in this endeavor. A special needs trust Arizona is just such a product as it provides an avenue for people with special needs to receive aid without compromising the benefits they receive from the federal government.  This type of trust can be utilized for mental or physical disabilities for people of all ages; however, the account must be developed before the age of 65. In many instances, a special needs trust Arizona is developed when the beneficiary is a child to prepare for expenses that the individual may incur later in life, either due to the disability directly to the inability to care for themselves as a result.

One of the main purposes of the trust is to allow for disabled individuals to continue receiving disability aid.  This is important because in many instances, special needs individuals depend on federal aid to support themselves financially and maintain medical coverage.  However, for those that have families and friends that would like to contribute to their car, a special needs trust Arizona can provide a way to receive their aid through legal channels. A special needs trust account is administered by someone other than the special needs beneficiary and doles out funds from the account for purposes specifically notated for such an account.

Administrators may be family members or trustee appointed by a court of law, depending on the situation and the rest for the development of the special needs trust Arizona account. Costs associated with the trust might include rent or mortgage payments, utility costs, grocery expenses, furnishings and other necessary expenses associated with daily living. In fact, the range of expenses is fairly broad for a special needs trust Arizona; however, those that disregard the rules may find themselves in violation of the trust and may have to pay fines associated with spending funds on items not approved for trust spending.

These trusts are most often set up to protect the benefits of disabled individuals in the event of an influx of income, such as a settlement from an accident of some sort or an inheritance. The special needs trust account ensures that the individual in question is able to utilize those funds without compromising their regular monthly income.

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.

Contact us today by clicking here!