Many parents know that taking care of a disabled child brings a lot of extra duties and liabilities. When the child lives with his relatives, they provide him with all necessary support. But inevitably there comes the time, when a disabled person remains alone and it is extremely important to make all the possessions safe and accessible for him.
The most reliable way to do this is to create a special needs trust. Such type of legal relationships provides stable income, ensuring that the disabled person is eligible for Medicaid, Supplemental Security Income (SSI) and other governmental programs.
Special needs trust provides earnings for costs, which are not covered with government assistance. For example, basic living costs can be maintained by SSI, while medical care is offered by Medicaid. However, a disabled individual must have access to other benefits – education, travelling or entertainment.
A special needs trust guarantees a full and adequate life for a person with disabilities after his caregiver has passed away. Such trusts provide resources indirectly – via trustee, which is often a relative, a social worker or a bank. The main point is to choose a reliable person who will follow the beneficiary’s interests.
How to create a special needs trust
The most important thing is to be extremely careful while creating a trust. A smallest error can threaten financial security and thus the well-being of a disabled person.
Federal legislation determines the strict limit on the property an individual can possess to be qualified for SSI or Medicaid. If a disabled person inherits more resources than these limits afford, he can be pleaded ineligible for government programs. If the disability is severe, a person will not be able to cope with this problem himself. So, the wisest thing is to consult a good attorney and create the most effective and reliable special needs trust.
Morgan Legal Group PC offers professional estate planning attorneys, which will evaluate all your family circumstances. You will choose the best trust options available to make the life of your child secure even if you are gone.