Do you have a disabled loved one who currently receives disability benefits? These benefits allow your loved one to receive the medical care that he or she needs because of the disability. If you want to make sure that this person receives your assets if you die but you do not want it to come between your loved one's ability to receive disability benefits, you can always set up a special needs trust.
Why Is It Good to Get a Special Needs Trust?
Putting property in your disabled loved one's name could make that person ineligible to continue receiving benefits from the government. However, this can become problematic for your disabled loved one who may not be able to work to make money to pay for the cost of food, housing, and medical expenses. While you do want your disabled loved one to receive your assets in the event of your death, you do not want it to cause problems for this person. A simple way to avoid any potential problems is to create a special needs trust where you are listing the disabled person as the beneficiary. You would select a trustee who would then handle things for your disabled loved one.
How Do You Get a Special Needs Trust?
If you would like to have a special needs trust, you should meet with a lawyer. You can go over your assets with the lawyer and choose the person you would like to have as the trustee. The trustee could make sure your loved one receives things that he or she needs. After creating your special needs trust with an attorney's assistance, you can always come back to make changes to it. You could change the trustee at a later time or include more assets in the trust when necessary.
Having a special needs trust is essential if you have a disabled loved one that would receive your assets if you passed away. You want your loved one to have access to money and other things that you own, but you do not want that to interfere with your loved one's ability to receive government assistance for medical expenses. Creating a special needs trust is a great way to protect your loved one while making sure your assets go to the right person. You can create the special needs trust with a lawyer who can explain things to you and make changes when you need to update your trust at any time.
For more information on special needs trusts, contact a lawyer.Share
7 November 2019
Although many people don't think of having legal counsel as improving their life, I have found that it has really helped me to feel empowered as a business owner. Without my lawyer, it was really difficult to figure out what I could say and what I couldn't say, and it really made things hard when I was out and about trying to make business deals. Fortunately, after I found the right lawyer, things became a lot more straightforward. This blog is all about improving your life and streamlining your business with the help of a great lawyer. After all, you never know when you will find yourself in court.