What is a special needs trust?

A special needs trust is a type of trust that is designed to protect assets and provide funds to individuals with disabilities or special needs. In Arizona, a special needs trust is often used to help disabled individuals access the funds they need to live independently. A special needs trust allows the beneficiary of the trust to access funds without affecting their eligibility for certain government programs like Supplemental Security Income (SSI) or Medicaid. The trustee of the special needs trust is responsible for ensuring that the trust funds are used properly, and for the benefit of the beneficiary. The goal of a special needs trust is to provide ongoing support to the beneficiary, typically in the form of supplemental care once the initial trust funds have been depleted. The trust can provide funds for medical expenses, educational costs, and recreational activities. The trust can be set up to provide a steady income to the beneficiary, provide resources to hire an in-home caregiver, or provide funds to purchase medical equipment. It can also be used for expenditures that would otherwise not be covered by government programs. Special needs trusts can be used for individuals of any age, and it is important to work with a qualified estate planning attorney to ensure that the trust is created correctly for the beneficiary’s needs. A well-constructed trust can provide the funds and support disabled individuals need to live safely and independently.

Related FAQs

What is an inheritance tax?
What is a spendthrift trust?
What is a living trust?
What is a generation-skipping trust?
What are the requirements for creating a trust?
How do I wind up an estate?
What is an executor's duties?
What is a generation-skipping trust?
What is a trust fund agreement?
How do I appoint a guardian for a minor in an estate plan?

What is a special needs trust?

Related FAQs

Related Blog Posts