Setting up a special needs trust

Caring for a special needs child can often be more complicated than many Massachusetts parents expect it to be. Many parents of special needs children have come to realize that their children may not be able to live independently, and they are constantly wondering how their children will be cared for after they pass away. Setting up a special needs trust may help to lessen many parent’s worries.

This trust can help to provide financially for the special needs individual. It can help to supplement the person’s income and ensure that everyday expenses are taken care of. One of the most important things about this trust is that it is able to supplement an individual’s income without preventing him or her from benefiting from other government programs like Social Security or Medicaid.

Many people believe that if they are unable to contribute to the trust then there is no need to create one. However, there are other ways to fund the trust. It is possible to make a special needs trust the beneficiary of a life insurance policy. It is also possible for assets to be put into the trust after a parent’s passing rather than being passed directly to the beneficiaries.

Parents planning for their children’s future may become overwhelmed and confused by the number of options available to them. Massachusetts residents who are attempting to plan for the future of their special needs child and would like to know more about opening a special needs trust could benefit from speaking with an attorney in their area. A lawyer can help his or her clients to understand how the trust works and which funding method may work best for them.

Source:

985thesportshub.com, “Planning A Future For Your Child“, April 2, 2018