A special needs trust is a great way to ensure that a person with disabilities will have the financial security they need. These trusts are designed to provide money for things like housing, transportation, and medical expenses.
You may think there is a cap or a limit on the amount of money that is allowed to be held in a special needs trust.
Read on to learn more about whether there is a limit on how much money you can hold in a special needs trust.
Special Needs Trusts Do Not Have a Limit
Many people do not know there is no limit on the amount of money that may be placed in a special needs trust. So what does this mean for you? It means that you can rest assured knowing that your loved one will be taken care of financially for years to come.
This is good news for families who are worried about what will happen to their loved ones after they are gone. A special needs trust can provide peace of mind and financial security.
Why There Is No Limit
The reason why there is no limit on the amount of money that may be placed in a special needs trust is that the money is not considered to be the person's own money.
The money is held in trust for the benefit of the person with disabilities. This means the government will not count the money as belonging to the person with disabilities when determining if they are eligible for needs-based benefits like Medicaid.
This is good news for families who want to make sure their loved ones are taken care of without jeopardizing their eligibility for government benefits.
A Special Needs Trust Can Be a Great Way to Provide for Your Loved One
Now that you know there is no limit on how much money can be placed in a special needs trust, you can feel confident that this is a great way to provide for your loved one.
If you have questions about setting up a special needs trust, or if you need help getting started, contact an experienced member of our team today.
Call Legacy Enhancement Trust today at (888) 988-5503 or fill out the online contact form to learn how we may assist you!