Trusts are one of the most popular estate planning tools that individuals and families use to protect their interests. A special needs trust is an irrevocable one that allows a disabled child to continue receiving public assistance benefits, such as SSI and Medicaid. In other cases, when a person with special needs owns too many assets, they may be accidentally disqualified from state or federal support programs.
Income and assets placed inside a special needs trust can be used to pay for things such as recreation, travel, rehabilitation, education, or any medical expenses that are not covered by their public assistance programs.
A special needs trust supplements those public assistance benefits available to a special needs child. This can help give peace of mind to parents that they have done everything possible to help protect the interests of their loved ones while also ensuring a strong financial future.
It is important to work with an experienced estate planning attorney to create any special needs trust, since it is highly valuable to walk through the specifics and to understand exactly what the special needs trust can and cannot do. Working with a qualified attorney will greatly increase your chances of success and ensure that you’ve taken all necessary steps to protect your minor or adult disabled child in the future.
At our Pasadena estate and trust office, we work with families to create customized plans that work for your immediate future, but we also work to build relationships with our clients to help adjust those plans as needed later on. Contact us today for a consultation about using trusts and other tools for your estate.