Special Needs Trusts: Planning for a Disabled Family Member
Planning for a disabled family member’s future can feel overwhelming, but a Special Needs Trust can make things easier. This type of trust ensures that your loved will be taken care of financially without risking important government benefits. In this blog, we’ll explain how a Special Needs Trust works and why it’s a smart choice for families.
What is a Special Needs Trust?
A Special Needs Trust is a legal tool that holds money or property for a disabled person. The trust is managed by someone called a trustee, who makes sure the money is used for the disabled person’s needs. The important thing is that the trust won’t affect your loved one’s eligibility for government benefits like Supplemental Security Income (SSI) or Medicaid.
Why is a Special Needs Trust Important?
If a disabled family member receives a large sum of money-like an inheritance-it could make them ineligible for government assistance. With a Special Needs Trust, the money stays in the trust, so your loved one can still qualify for benefits. This way, they get the best of both worlds: financial support from the trust and the help they need from government programs.
What Can the Trust Pay For?
The money in a Special Needs Trust can be used for many things that improve your loved one’s quality of life. This could include medical care, therapy, education, travel, or entertainment. However, the trust cannot give money directly to the person or pay for things that government benefits already cover, like rent or food.
How DK Law Group Can Help You Set Up a Special Needs Trust
Creating a Special Needs Trust can be tricky. It’s important to follow the rules so that your family member stays eligible for benefits. Our experienced attorneys at DK Law Group will make sure the trust is set up correctly. We’ll help you choose the right trustee and make sure everything is done legally, so your loved one’s future is secure.
Conclusion
A Special Needs Trust is an essential tool for families with disabled members. It offers financial security while protecting access to important benefits. With the right plan, you can give your loved one the support they need now and in the future.
Call DK Law Group at (443) 739-6724 or email us at diana@dklawmd.com to get started. We’ll help you every step of the way, making sure your family member is well cared for. Let us guide you in setting up a plan that brings peace of mind and security for your loved one’s future.