At Legacy Enhancement Trust, we know that you want to provide for your loved ones in any situation, especially when your loved one has a special need. We have a strong reputation for providing excellent assistance to special needs individuals and their caregivers.
If someone you love has special needs, the ability to provide them with income while keeping their benefits intact can bring great peace of mind.
Far too often, though, people overlook special needs trusts because they’re unsure what benefits exist. With our team, you can better understand what a special needs trust is, all of its benefits, and how it helps you and your loved ones in the long run.
Here are five benefits that come with setting up a special needs trust:
- Creating support during life or after death
- Naming a trustee to watch over assets
- Protecting benefits while providing aid
- Preserving family assets over time
- Protecting assets in a divorce or legal matter
1. Creating Support During Life or After Death
Like any trust, creating a special needs trust allows you to give your loved one support during your life and after your death. For someone in your life with a special need, this support can be essential. A special needs trust allows you to feel more confident that your loved one can live comfortably without adjusting their current situation.
2. Naming a Trustee to Watch Over Assets
With a special needs trust, you can name someone who will be there to watch over the assets in the trust. If something were to happen to you, the trustee would be there to fulfill their duties of administering spending decisions.
Selecting a trustee can be difficult, but planning your special needs trust with a professional can simplify the process.
3. Protecting Benefits While Providing Aid
One of the biggest benefits associated with a special needs trust is the ability to provide assets to your loved one without impacting their government aid. You can put funds into the special needs trust, but it would not act as income, and your loved one would maintain medical care benefits, government assistance, living situations, and more.
You won’t have to worry about your loved one enduring a difficult situation simply because you are trying to help them.
4. Preserving Family Assets Over Time
A special needs trust can help you protect your family assets, allowing you to allocate which property or wealth assets your loved one with special needs would receive. Getting help through the process is one of the most effective ways to preserve your family assets moving forward.
5. Protecting Assets In a Divorce or Legal Matters
If a beneficiary (your loved one with special needs) is sued or involved in a divorce, the special needs trust provides significant protection for assets. The special needs trust allows the party to still receive assistance and is not part of divorce as inheritances are not community property.
At Legacy Enhancement Trust, we work hard to help you understand your options. We deal with different types of special needs trusts, so you know what’s best for your situation. Whether you need a third-party special needs trust, first-party special needs trust, or a pooled special needs trust, we will be there to provide you with insight to make the most informed decisions possible.
If you need to speak with a professional about your options, know that we’ll be there for you. Our goal is to help you make decisions that fit your needs. We work hard to protect your assets and preserve your legacy moving forward.