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What are the Benefits of a Special Needs Trust?

Transcript

By Phil Rarick, Weston Estate Planning Attorney

Virtually every parent who has a young or adult child with a serious mental disability should have in place a Special Needs Trust.

There are three key benefits of a Special Needs Trust

  1. This Trust allows the person to qualify for or continue to receive all federal and state governmental assistance even if you have other financial resources available to provide for your child.

  2. When you can no longer care for your child, the trust appoints a person and successor person to act as Trustee. The Trustee’s job is to make sure all of the money designated for your child goes to your child in the most prudent way possible.

  3. A Special Needs Trust is often the safest way to protect the life style of your child, and make sure he or she gets the best care possible if you are not around to help.

A Special Needs Trust must comply with complex technical legal requirements. Consult with an experienced Weston estate planning and trust attorney. Let us know if we can help.