Securing a Future with a Special Needs Trust
- kleeatty
- Sep 17, 2024
- 1 min read
When Sarah and Tom met with me for an introductory session, their primary concern was ensuring that their daughter, Emily, who has a disability, would be well cared for throughout her life. With no clear plan in place and the complexities of managing government benefits, they knew they needed a solution that would provide both financial security and peace of mind. That’s where a special needs trust came in.
What is a Special Needs Trust?
A special needs trust is designed to benefit individuals with disabilities without affecting their eligibility for government assistance programs like Medicaid or SSI. For Sarah and Tom, setting up this trust was essential to provide for Emily’s needs while preserving her access to these crucial benefits.
Key Benefits of a Special Needs Trust:
Preservation of Benefits: By placing assets into the trust, the beneficiary can continue receiving government benefits without the risk of disqualification. The trust supplements her needs rather than replacing her benefits.
Financial Security: The trust ensures that the beneficiary will have additional resources to cover costs that go beyond government aid, such as specialized medical care or recreational activities.
Peace of Mind: Knowing that their daughter’s future is secure allows Sarah and Tom to focus on enjoying their time with her, without the constant worry about her long-term well-being.
Flexibility: The trust can be tailored to address the beneficiary’s specific needs and preferences, ensuring funds are used in ways that best enhance her quality of life.
Professional Management: With a chosen trustee, the trust’s assets are managed professionally, providing an extra layer of oversight and protection.
