Shields and Boris Blog on Elder Care, Health Care, and Caring in General

Could you benefit from a Special Needs Trust?

If you are caring for a loved one with special needs, you may have heard of Special Needs Trusts.  Special Needs Trusts are different from regular Trusts in that they are set up specifically to hold assets for disabled, chronically ill, or special needs individuals under the age of 65.

If you are the parent, family member, or caregiver of a person with special needs, here are some reasons you should consider setting up a Special Needs Trust:

• Assets held in a Special Needs Trust are not countable towards the individual’s eligibility for government benefits.  While the individual may not need government benefits now, they may in the future and it is best to ensure that assets will not stand in the way of getting them the help they need.
• Funds in a Special Needs Trust are not subject to creditors or seizure.  This means that the assets are protected if the individual is sued for any reason, as they would not be subject to a judgment.
• Setting up a Special Needs Trust ensures that the funds will only be used to care for the individual for whom the Trust is set up.  You don’t have to worry about another family member or friend compromising the assets and leaving your loved one without the means to care for themselves.

These are just a few reasons why you should consider setting up a Special Needs Trust for your loved one.  To learn more about these Trusts and other estate planning issues for special needs children and adults, please contact the elder law offices of Shields and Boris.