Setting up an Arizona special needs trust is a complex process that can be confusing even to the most financially-savvy individual. This is an important account for family members and loved ones of special needs individuals because the money is often a lifeline to the ability to pay for daily living expenses for this demographic.

Despite the fact that setting up this account type can be confusing, it is not an impossible task, particularly if you seek professional assistance in doing so. The best place to start is by determining that this is, in fact, the type of account that you seek. An Arizona special needs trust account is characterized by the ability to funnel monies and assets into a financial account to which the beneficiary is a person with special needs. The monies in the account can be used for a wide array of expenses without interfering with the person’s ability to receive government aid in the form of monetary benefits and/or insurance.

If this is, in fact, the type of account that you are looking to set up for a special needs person, then you might start with an attorney that specializes in this aspect of financial planning; a professional financial planner could help with this process as well. The Arizona special needs trust account should be set up at your financial institution of choice, through which you can funnel the monies that will be used to fund the account. It is important to understand the rules associated with what the money can and cannot be spent on and how the beneficiary can access the funds, all of which are questions that the institution can answer for you upon setting up the trust account. A professional planner or attorney can then walk you through expenses that can be paid through this account and how to properly manage it, so that the special needs individual does not incur any penalties that may disqualify them from receiving government-based aid related to their disability.

This is perhaps the most poignant part of properly setting up and administering an Arizona special needs trust account, as you want to ensure that the trust account will help the individual in question and not hurt their ability to receive other benefits that can make them more financially comfortable with access to governmental insurance to treat the disability.

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