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When someone you love has special needs, they require and deserve special protection. A Special Needs Trust (SNT) offers exactly that—an opportunity to ensure their well-being and security for the future. While a Special Needs Trust functions similarly to other trusts, its real power lies in the unique protection it provides for those who are vulnerable. One of the most crucial benefits of an SNT is that it helps preserve the eligibility of your loved one for the government benefits they rely on, such as Supplemental Security Income (SSI) and Medicaid.
Taking the time to establish a Special Needs Trust is a powerful act of love. It ensures that your loved one, whether they have physical or mental challenges, will have keep necessary resources and assets—without risking the vital benefits they depend on. By setting up an SNT, you can rest easy knowing that you’ve put protections in place for them, giving them the best chance at a stable, fulfilling life.
Creating a Special Needs Trust is a way to show your love and commitment. It’s a lasting gift of security, peace of mind, and hope for your loved one’s future. By taking this step, you’re ensuring that their needs will be met, no matter what challenges arise. You’ll be able to breathe easier, knowing you’ve done everything possible to protect and care for them, today and in the future.
Identify the Beneficiary: Who is the person with special needs that you are creating this trust for? Ensure their needs and circumstances are clearly understood.
Choose a Trustee: Select a trustee who is trustworthy, capable, and understands your loved one’s needs. This person will manage the trust according to your wishes.
Define the Purpose of the Trust: Specify what the trust will cover (e.g., healthcare, education, housing, and other personal needs) to improve the beneficiary’s quality of life.
Assets to Include: Decide what assets to place in the trust, such as savings, property, or investments, or even the proceeds from a life insurance policy. Be mindful of what could affect eligibility for government benefits.
Government Benefits Considerations: Ensure that the trust is designed in a way that won’t interfere with government benefits like SSI and Medicaid.
Consult a Special Needs Planning Attorney: This is a key step to ensure the trust is legally sound and tailored to meet your loved one’s unique needs.
Review and Update Regularly: Life changes, and so may your loved one’s needs. Make sure the trust remains up to date with any changes in their circumstances or in government benefit rules.
Prepare for the Future: Consider whether there will be any future care or guardianship needs, and plan accordingly in the trust.
