Common Excuses For Not Creating Special Needs Trust Accounts

There are a number of reasons why it is important to create a special needs trust. Special needs individuals often must live on a fixed income and this can be a financial challenge. The trust supplements that income without violating any of the guidelines that allow for these individuals receive government aide. An Arizona special needs trust is a financial account that is opened up to benefit an individual with special needs in the state of Arizona. The account is assigned a trustee, which is the person that administers it, and may be used for financial assets that cannot be in the special needs individual’s names in order for them to continue receiving aid. These monies may be used for any number of living expenses, from paying rent or a mortgage to supplementing medical costs and purchasing furniture or making car payments.

Special needs trusts can be set up in all states; from an Arizona special needs trust to a similar account in another state, people may come up with any number of reasons why they don’t want to create such an account. These excuses can often be overcome as this type of account greatly benefits the special needs individual for which it was created and provides him or her with a financial cushion should anything go wrong down the road. In fact, long term care is a huge benefit of setting up an Arizona special needs trust account in the first place.

In fact, common reasons for not setting up an Arizona special needs trust account includes the following:

An incorrect perception that setting up such an account takes a great deal of time (which it does not)
There is no one trustworthy enough to administer the account
A person needs a lot of money to funnel into the account. This is not the case either; in fact, an Arizona special needs trust account may be set up to be an avenue for future monies that may be set aside for the special needs individual. For example, if a relative is helping to support the individual, these monies may be contributed to the special needs trust account instead of being given directly to the person so that the monies he may receive in a disability stipend for government assistance each month are not affected by the financial assistance from a family member.

What’s your excuse for not setting up a trust fund to protect your child?

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