You may become more aware of the possibility that an adult child, who is either disabled or unable to work might never be able to care for himself/herself. Parents should know that there are options to help their disabled child throughout his/her life and not risk the child's government benefits.
A Special Needs Trust (SNT), can be made from money the child has either earned, such as inheritances, insurance payouts, personal injury settlements, or money donated by a third party. The supplemental needs trust in Arizona prevent the mismanagement or misuse of trust funds.
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What are the benefits of a Special Needs Trust?
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A SNT allows disabled persons with assets greater than $2000 to still be eligible for SSI, MediCal, and any other government assistance that is necessary for their well-being and health.
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A SNT provides peace of mind for parents by ensuring that their disabled child is taken care of even if they are unable to do so.
There are a few special needs planning options and many important factors to take into consideration when developing a plan. Professional attorneys in Arizona can help you determine which special needs option would best meet your goals for yourself or your loved one.
If you have a child that will require outside assistance throughout their lives, consult an attorney to explore the possibility of setting up a special needs trust.