Making legal and financial plans for the future is a deeply personal process that depends…
A loved one with special needs may need different types of support in his or her everyday life. You may have a child who will have needs well into his or her future, or you may currently help a Kansas adult who is unable to care for himself or herself. Regardless of the details of your individual situation, you will want to be sure that your estate plans match your current situation and what you hope to do for your loved ones long-term.
There are certain estate planning tools available to you that will allow you to specifically address estate planning concerns you may have regarding your special needs loved one. A special needs trust can help you accomplish your goals of protecting and providing for these individuals even long after you are gone. If you do not have this type of trust as part of your long-term financial and legal strategy, you may want to consider this as a beneficial addition to your plans.
Specific benefits to this type of trust
A special needs trusts offers certain benefits to those who care for an individual who will need long-term support and care. One of the primary objectives you can accomplish with this specific tool is setting aside money that will directly impact the beneficiary. This is a better option than simply passing money directly to that individual as this can lead to different unintended consequences. Benefits of a special needs trust include:
- Assets left in this trust will not impact the beneficiary’s eligibility for government benefits and other types of support.
- You can be certain money left for a loved one will go to your intended uses.
- You have the ability to appoint a trusted party to act as the trustee, which is the person who oversees the distribution of trust assets.
- Money left in this trust can go toward specific needs not covered by other benefits and insurance.
- Assets left in this type of trust are not subject to the probate process.
Adding a special needs trust to your existing plans can provide you with peace of mind that your loved ones have what they will need after you are gone. An assessment of your current situation and long-term goals can help you see how this estate planning tool can help you feel confident regarding the care of a special needs loved one and the appropriate use of your estate assets in the future.