How can a special needs trust financially assist my child with special needs?
Nearly one in five people or roughly 50 million people across the United States have some form of disability, with an estimated 24 million being severely limited. Having a disabled child can be challenging, but also comes with immense rewards. The parents of disabled children face unique issues in ensuring their children receive the care they need, including ongoing medical care. One of the best ways that the parents or guardians of disabled children can guarantee their children receive the greatest care is by creating a special needs trust.
Special Needs Trusts in Nevada
For the family members of disabled individuals, ensuring their loved ones have the funds necessary for their long term personal and financial needs is critical. In Nevada and elsewhere across the country, parents of disabled children are increasingly turning to special needs or supplemental trusts (SNTs) to protect their children financially. A special needs trust is a trust created for the benefit of another person. The trust can hold real estate, finances, and other tangible items and will be managed for the disabled person’s benefit by a trustee.
The benefits to a special needs trust are numerous. One of the greatest advantages is that a SNT will often allow your disabled loved one to obtain or keep government benefits. Medicaid, Supplemental Security Income, and several other government programs provide much needed funds to disabled individuals, but qualifying for these programs can be challenging. With a special needs trust, the disabled person’s assets or the funds provided by their parents will not count against eligibility.
Through a special needs trust, the parents of disabled children can pass down funds and assets without fear that their inheritance could cause their child to lose eligibility for government programs. Even further, they can rest assured that funds will be managed by a trusted individual appointed to the position. Special needs trusts can come in several forms. The loved ones of disabled individuals in Nevada should consult with an experienced special needs planning lawyer to find out what option is best for their family.