If one of your loved ones has special needs, you probably know how challenging it can be for them to deal with various financial hurdles (not to mention other facets of their lives). You may be determined to help them down the road when you are no longer around, and an estate plan can be a great way to do this. However, leaving assets to a loved one with special needs may create additional challenges, such as preventing them from receiving critical benefits, which could be very hard for them when they are struggling with the loss of someone who was close. Fortunately, special needs trusts have helped many people avoid these setbacks.
Individuals with special needs often count on government benefits to stay afloat. When they receive assets as a beneficiary, this could threaten their ability to continue receiving support if the estate planning process was not approached properly by one of their family members. Creating a special needs trust can prevent a beneficiary with special needs from seeing his or her eligibility for government programs from being cut.
If you are thinking about a special needs trust, this could be an excellent way to provide your loved one with the resources they need without interfering with other aspects of their lives. Take a look around our site for more information on this option and for many other topics concerning the estate planning process. Moreover, try to stay positive and channel your energy into a thorough estate plan that will account for the financial needs of those you love.