What Is An Arizona Special Needs Trust

A special needs trust account is one in which money is allocated for the purpose of the living expenses associated with a special needs individual. This account covers people of all ages, but parents can especially benefit from an Arizona special needs trust as it provides them with a way to support their disabled child without interfering with any income the child might receive as a result of his or her disability from the federal government.

An Arizona special needs trust can be set up at just about any financial institution. Parents – or other family members and friends – can funnel money into it, which can then be used for the disabled person’s living expenses. From medical costs to things like rent, utilities, mortgage, car payments, insurance premiums and the like can be paid with monies from the trust. The only real stipulation for an Arizona special needs trust account is that the person receiving the financial benefit not be on the account as an administrator and that monies go directly towards the person’s expenses, versus a direct withdrawal that ends up as cash in the hands of the beneficiary.

This can be a benefit for beleaguered parents that have long since tried to figure out ways to pay for their children’s disability expenses without compromising government benefits. In fact, parents can even appoint an outside administrator they trust to run the trust if they feel unable or unwilling to do so. This ensures that the monies are administered properly, so as to ensure the continuation of the trust’s benefits no matter what.

An Arizona special needs trust provides a sense of security for parents of disabled children, to know that they will have financial security without compromising government benefits well into their futures.

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.