Special Needs Trusts are a type of trust designed to provide financial support to individuals with disabilities while preserving their eligibility for government assistance programs. Today we’ll explore the benefits of a Special Needs Trust for families and individuals.
One of the main benefits of a Special Needs Trust can provide additional support beyond what government assistance programs can offer. In many cases, government programs may not provide enough funding to meet the needs of the individual. A Special Needs Trust can be established to provide additional support while still ensuring that the individual remains eligible for government assistance.
Another benefit of a Special Needs Trust is that it can provide a way to help protect assets that may be intended for the care of the individual. This can include assets that are left to the individual in a will or trust, as well as any other assets which may be available, such as a settlement or inheritance. By placing these assets in a Special Needs Trust, they may be protected and may be used to provide long-term financial support for the individual.
Additionally, a Special Needs Trust can offer peace of mind for families of individuals with disabilities. By establishing one, families can secure their loved one's care while safeguarding their own financial well-being. This can alleviate the stress associated with financial planning and provide greater security and stability for the entire family.
In summary, a Special Needs Trust can offer numerous benefits for individuals with disabilities and their families. By helping to provide additional financial support, protecting assets, and reducing stress, a Special Needs Trust can help ensure that individuals with disabilities receive the care they need and live full and meaningful lives. It is an important tool for families to consider when planning for the future of their loved ones with disabilities.
Securing your financial future and protecting your loved ones' interests starts with proper planning.
To learn more about how a Special Needs Trust can benefit you or your loved ones, click the link below to schedule an appointment!
Note: Investment strategies and specific investments mentioned may not be suitable for everyone. Individual decisions should be made after careful consideration of one's financial objectives, situation, and needs. This information is not intended as a personalized recommendation. Seeking advice from a personal investment advisor is recommended.
Please note that representatives do not offer tax or legal advice. Discussions related to taxes are purely informational, not exhaustive, and should not be interpreted as legal, tax, or accounting advice. It is advisable for clients to consult with qualified legal, tax, and accounting advisors as needed.
Securities and investment advisory services are provided through registered representatives of MML Investors Services, LLC, a member of SIPC.