Could Your Family Benefit From A Special Needs Trust?

On Behalf of | Jun 20, 2023 | Estate Planning & Probate |

There is no way to predict what will happen tomorrow, in a month from today or well into the future. Life is uncertain, but there are specific things you can do that will allow you to gain a measure of security and confidence. One of these includes estate planning, which is the process of deciding what happens to personal property after your passing. Your goals for your estate may include protecting and providing for a special needs loved one who cannot care for himself or herself.

In this situation, you may benefit from including certain estate planning tools in your overall strategy. With a special needs trust, you can set aside and protect assets for your loved ones in a way that is secure. Before you make any important estate planning decisions, you will benefit from seeking an understanding of this type of trust and how it can be a beneficial addition to your current plans.

Care and support for your loved ones

If you care for a special needs loved one, you understand how important it is that this care continues long after you pass away. While you may feel that it is best and easiest to simply pass along assets and money to this person in the terms of your will, this is not always the best option. This could result in unintended tax penalties, and the recipient may be unable to effectively manage money.

By setting aside these assets in a trust, you can be certain that parties will use them as you intended. You can appoint a person to act as trustee to oversee the trust assets, and this money will not impact the beneficiary’s eligibility for government benefits. By passing along your wealth in this way, you can provide for a special needs loved one above and beyond what is typically covered by his or her government benefits.

Making the best estate planning decisions for your family

A trust could be a beneficial addition to your estate plan. An assessment of your estate, your goals for the future and the needs of your loved ones could reveal if this is a beneficial option for you. A special needs trust may allow you to feel confident regarding the interests of your loved ones in Ohio well into the future.