While it may be possible for your special needs child to live independently as an adult, you might be worried about what will happen to them after you die. If you’re not there to care for them and provide for them financially, how will they function? It’s a good question, and fortunately, Alabama Family Trust has the answer. Read on!
The Best Option for Your Special Needs Child
One of the best ways to protect your child’s future is by setting up a special needs trust for him or her. A special needs trust accomplishes several things:
- It ensures that any money held in the trust will be used for your child’s benefit, and not squandered or withheld by a third party with bad intentions (like an untrustworthy sibling).
- It enables your child to maintain eligibility for public benefits, or to meet eligibility criteria if the child is applying for benefits.
- It enables your child’s assets to be used for improved quality of life, because any assets held in a special needs trust will not be considered as countable resources by Medicaid – which means that your child can retain their eligibility for government benefits.
- It protects your child from financial predators, who, unfortunately, often target the disabled and/or elderly for extortion. But when your loved one’s assets are contained in a special needs trust, only the trustee can distribute funds, which keeps your loved one from unintentionally making a bad choice.
Protect Your Special Needs Child
There are many other ways you can help protect the future of your disabled child, but setting up a special needs trust for them is one of the most concrete things you can do to ensure that they are provided for after your death.
If you are interested in starting a conversation with us about special needs trusts, we are always here to answer your questions and help you understand the process. And more than that, we’re here to walk you through the steps with complete clarity so that you can feel confident about your special needs child’s future.