Special needs trust documents in Arizona are designed to help ensure mentally ill or disabled people will get the full benefit of property and funds they are entitled to; importantly, this happens without causing disqualification from other assistance or benefits. This special type of trust is designed to allow funds to be released to a person with a disability without the funds counting as income or as an asset – this is especially important when it comes to benefit programs and eligibility based on one’s financial situation. Programs which take income or financial assets into account like SSI, Medicaid, Medicare, subsidized housing, or vocational rehabilitation are not impacted by the amount of funds protected by the special needs trust.
People Who Need Special Needs Trust CoverageWhen it comes to a special needs trust, many people may be wondering if it is something they need to establish; not all disabled people need special needs trust accounts, even though protecting assets of the disabled is important in any circumstance. The people who should seriously consider entering this document into effect are those who need to protect assets such as an inheritance or a lawsuit/insurance settlement granted to the disabled person. Commonly, this type of trust is run by a family member or by a court appointed trustee.When to Set Up a Special Needs Trust
There are certain circumstances which may prompt the establishment of a special needs trust. Many times, if a person is injured because of the negligence of someone else, a special needs trust is established after this person has received a judgment from a lawsuit against the responsible party. An example of this scenario is if a child who has cerebral palsy due to medical error receives a settlement from the hospital, the funds are placed into an account and protected by a special needs trust. In other situations, if the disabled person is set to inherit money from their parents or other individuals, the trust would ensure that these funds go towards thier care and quality of life. While there are no strict regulations on how the money is spent, it is intended to ensure the individual has adequate housing, medical care, and to fill in holes left by government assistance programs. Arizona special needs trust programs are often established with the assistance of legal counsel to ensure all details are addressed and covered for the beneficiary.
Summary:
Special needs trust documents in Arizona are designed to help ensure mentally ill or disabled people will get the full benefit of property and funds they are entitled to; importantly, this happens without causing disqualification from other assistance or benefits. This special type of trust is designed to allow funds to be released to a person with a disability without the funds counting as income or as an asset – this is especially important when it comes to benefit programs and eligibility based on one’s financial situation.
People Who Need Special Needs Trust Coverage
When it comes to a special needs trust, many people may be wondering if it is something they need to establish; not all disabled people need special needs trust accounts, even though protecting assets of the disabled is important in any circumstance.
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