Estate planning is a necessary step for every individual looking to have a certain amount of control over what happens to his or her estate. However, a complete estate plan also offers many advantages outside of simply outlining who gets what, and one of these includes the ability to plan for the care of a loved one who cannot care for him or herself.
If you are currently caring for a loved one with special needs, you know how stressful it can be when you consider how you will continue to care for that person after you are gone. You can do this by adding a special needs trust to your existing estate plan. This protects your New York family member and gives you additional assurance regarding the future.
What you need to know about special needs trusts
Special needs trusts are estate planning tools specifically designed for the protection and benefit of a person who is mentally or physically impaired. The money and assets set aside in this trust can provide for medical care, housing and other needs, even long after you are gone. A few of the many benefits of this type of trust include:
- It does not impact any government benefits that a special needs individual is already receiving.
- A special needs trust can be a safe, practical way to set aside inheritance funds for an individual who will need care in the future.
- It is possible to name another family member as the trustee for the special needs trust.
A special needs trust can help you avoid a host of issues related to the continued care of a loved one with special needs. It is more effective than simply having a will, and it will not impact eligibility for benefits already received or possibly needed in the future.
Protecting the future of your loved one
With a special needs trust, the trustee will always have control over the assets of the trust, not the beneficiary. This can give you peace of mind knowing that your money is safe and that your special needs loved one will have security for years to come.
The intent of a special needs trust is to provide for needs beyond the capacity of potential government benefits. This can ensure housing, provide for basic needs such as food and clothing and pay for any special medical needs that may arise. By forming this type of trust, you can protect the physical and financial well-being of your loved one.