Could your family benefit from a special needs trust?
If you are the parent of a child with special needs, you understand the complexity of daily life as you care for him or her. As parents of special needs children age, they begin to wonder what will happen after they are no longer around in the future. While you cannot control what will happen in the years ahead, you can take steps that will allow you to provide for your child even after you pass away.
One way you can secure the future needs of your child is by creating a special needs trust. This is an estate planning tool that gives you the ability to set aside and protect assets for a specific use, such as the care and support of someone who cannot care for or provide for himself or herself. Adding a special needs trust could be a practical step for your estate plan, and you will benefit from learning more about this option.
Why choose a special needs trust?
One of the primary benefits of a special needs trust is that through this tool, you can care for your child well into the future. You can have peace of mind knowing that you have addressed the specific needs your child may have. Some of the specific benefits to adding this to your plan include the following:
- Money set aside in a special needs trust does not affect one’s eligibility for government benefits and assistance, such as housing support or disability.
- You can decide who will act as the trustee, which is the person who will oversee the distribution of assets held in the trust.
- You can have assurance your child will have the resources to address needs that government benefits may not cover.
Setting aside money in a special needs trust is more effective than leaving assets directly to your child through your will. You can have more control over trust assets, as well as assurance that your child can continue to receive critical government assistance.
A complete estate plan
If you believe that a special needs trust could be a critical part of your estate plan, there is no time to lose in taking the appropriate steps to include this in your overall long-term planning strategy. There is no one-size-fits-all solution to estate planning, but a special needs trust could provide you and your Florida family with protection and peace of mind.