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If you have a loved one with special needs, it’s important to plan for their future. Special needs trusts are an essential tool in ensuring that your loved one is taken care of after you’re gone. A special needs trust is a legal arrangement that allows a person with disabilities to receive financial support without losing access to government benefits like Medicaid or Supplemental Security Income (SSI). Here are a few reasons why you should consider working with a special needs trust lawyer to create a special needs trust:
Protect Government Benefits
One of the most important reasons to create a special needs trust is to protect government benefits. Many people with disabilities rely on government benefits like Medicaid and SSI to cover their medical expenses and provide for their basic needs. However, if they receive an inheritance or gift directly, they could lose these benefits. A special needs trust can help to ensure that your loved one continues to receive government benefits while also receiving financial support from the trust.
Provide Financial Support
A special needs trust can provide financial support for your loved one’s needs that are not covered by government benefits. This can include expenses like education, housing, transportation, and entertainment. By creating a special needs trust, you can ensure that your loved one has the financial resources they need to live a full and happy life.
Ensure Proper Management of Funds
A special needs trust also ensures that the funds are properly managed. The trustee of the trust is responsible for managing the funds and using them for the benefit of your loved one. This can help to protect your loved one from unscrupulous individuals or organizations that may try to take advantage of them.
Reduce Family Conflict
In many families, there can be disagreements about how to care for a loved one with special needs. By creating a special needs trust, you can help to reduce family conflict by providing clear instructions on how your loved one should be cared for after you’re gone. This can help to ensure that everyone is on the same page and that your loved one’s needs are met.
Flexibility in Planning
A special needs trust provides flexibility in planning for the future. You can customize the trust to meet your loved one’s specific needs, and you can also make changes to the trust as their needs change over time. A special needs lawyer can help to ensure that your loved one’s needs are always met, no matter what the future holds.
Special needs trusts are an essential tool in ensuring that your loved one with special needs is taken care of after you’re gone. By creating a special needs trust, you can protect government benefits, provide financial support, ensure proper management of funds, reduce family conflict, and have flexibility in planning for the future. A special needs trust lawyer is here to help you navigate the process and create a trust that meets your loved one’s unique needs and goals. Contact Silverman Law Office, PLLC, today to schedule a consultation and start planning for the future.