The benefits of a special needs trust
A special needs trust provides two primary benefits to a child with special needs:
- Financial security
- Protection of government benefits
If your child cannot manage their own finances, a trust can help them retain financial independence while also protecting them from people who might take advantage of their situation.
Plus, the beneficiary of a special needs trust can retain their government benefits, such as SSI or Section 8 housing because the government does not count funds in a trust as income. Government benefits are meant to provide the basics someone with special needs requires. The trust, on the other hand, can provide funds for recreation, vacations, home furnishings, and other comforts.
Parents benefit from professional guidance
While special needs trusts can sometimes be independently drafted using online resources, consulting with an attorney can help parents ensure their trust is valid. Some special needs trusts require specific wording, which an estate planning attorney can help you draft.
