People who want to set up an estate plan may have a lot of different options to go over. Some people have a hard time deciding which type of trust will suit their needs the best, while some others may instead decide to put a will in place. There are multiple options when it comes to trusts, with each offering various benefits (and drawbacks, at least in comparison to other trusts, in some instances). For example, those who take care of a loved one with special needs may have an especially difficult time deciding how to leave their assets behind.
If special attention is not given to the estate planning process with respect to a loved one’s special needs, they may face challenges down the road. For example, they may become ineligible to receive critical assistance from a government program that they need. Fortunately, special needs trusts can take these issues into account and allow someone with special needs to not only retain the benefits they need from the government but also receive assets from their loved one’s estate.
Before settling on a special needs trust, it is imperative to carefully examine all of the estate plan options that one has. If it becomes clear that a special needs trust is the smartest move, the trust should be approached with care and in a forward-thinking manner. These trusts can be a lifeline for those with special needs and they can also provide an entire family with relief knowing that their loved one will not lose their benefits as a result of the estate plan.