A third-party special needs trust can be a valuable tool for parents of children with disabilities. This type of trust allows parents to provide financial support for their child while preserving the child's eligibility for government benefits.
In this blog post, we will discuss the different purposes for which a third-party special needs trust may be utilized. We will also explore some of the benefits of using a third-party special needs trust to care for a loved one with disabilities.
Living Expenses
A third-party special needs trust can be used for a variety of purposes. One common use for this type of trust is to provide financial support for the beneficiary's living expenses. This can include costs such as food, shelter, and clothing.
Medical Care, Dental Care, and Education
A third-party special needs trust can also be used to pay for the beneficiary's necessary medical and dental care as well as the costs of education and vocational training.
Supplemental Financial Support
Another common use for a third-party special needs trust is to provide supplemental financial support in addition to government benefits. This can help the beneficiary maintain a better standard of living. Additionally, this type of trust can be used to cover the costs of recreational activities and other enrichment opportunities.
A third-party special needs trust can be a valuable tool for parents of children with disabilities. This type of trust allows parents to provide financial support for their child while preserving the child's eligibility for government benefits.
In this blog post, we have discussed the different purposes for which a third-party special needs trust may be utilized. We have also explored some of the benefits of using a third-party special needs trust to care for a loved one with disabilities.
If you are considering setting up a third-party special needs trust for your loved one, we encourage you to contact an experienced member of our team to learn more about this planning tool.
Call Legacy Enhancement Trust today at (888) 988-5503 or fill out the online contact form to learn how we may assist you!