In a third-party special needs trust, you can provide a loved one with assets without jeopardizing their ability to maintain government benefits. While this is a significantly beneficial aspect of a third-party special needs trust, it’s not the only benefit.
If you are in a position to establish a special needs trust for your loved one, you should recognize what benefits there are. Our team can also help you with your options and personalize a plan that fits your loved one’s needs.
How You and Your Loved One Benefit
Of course, the most helpful aspect of a special needs trust is the ability to provide your disabled loved one with additional funds and assets without impacting governmental benefits. However, there are other benefits to consider as well:
- The trust can serve as a beneficiary for real estate, investments, inheritance, life insurance policies, and more.
- The trust funds are available for nearly any need that the beneficiary has and supplements the government benefits they already receive.
- The trust doesn’t have limits regarding the size of the trust or the age.
- The trust is not susceptible to reimbursement to government aid, and the government has no claim to these assets.
A specific person or donor will set up a third-party special needs trust that serves to benefit the individual with special needs while the donor is alive and upon his or her death. It ensures long-term security and financial resources for someone with special needs without impacting eligibility to receive Medicaid, SSI, SSDI, and other governmental benefits.
With Legacy Enhancement Trust, you can feel confident creating a third-party special needs trust that protects your loved one for years to come. We will walk you through the process and provide you with a clear idea of all your options so you can make the best decisions moving forward. We recognize that no two situations are the same, and with our personalized care, you can establish and administer a trust with confidence.
Call us today at (888) 988-5503 and discuss your needs with our team.