Whether you have concerns about your loved one with special needs and their financial future or you are struggling with a disability and want to protect your financial future, it is important to review various issues related to special needs trusts. This option can provide a number of benefits, such as helping disabled beneficiaries who receive government benefits retain their eligibility for assistance programs.
It is important to find answers to any questions you have about special needs trusts and, if you decide to set one up, approach the process of creating a trust carefully.
Establishing a special needs trust
According to the Texas Health and Human Services Commission, a number of people can set up a special needs trust for a disabled individual, such as a parent, grandparent or even the court. Moreover, since 2016, eligible disabled individuals have had the ability to create special needs trusts for themselves.
Special needs trust requirements
There are a number of requirements to keep in mind if you are thinking about establishing a special needs trust. It is crucial to understand that people can only create special needs trusts for those who are under the age of 65. Moreover, the special needs trust beneficiary must meet the disability criteria according to the federal Supplemental Security Income (SSI) program.
There are many factors to go over if you are thinking about setting up a special needs trust. This option provides many families with peace of mind and a sense of security. Do not hesitate to explore your options with respect to estate planning.