Parents with children with disabilities are faced with unique challenges. One of the major concerns of parents of a child with special needs is how to properly leave money to the child.
Because most children with disabilities will receive some sort of public benefits to help pay for medical and long-term care, it is of vital importance that the disabled child not receive assets directly or have money gifted to them personally. Even for a child who does not utilize public benefits it is important to understand that their child may be at risk to creditors and other people who may want to take advantage of them.
Because of these above reasons, a Special Needs Trust becomes a necessary tool for a person with disabilities. Mom and Dad are able to leave a legacy to their child but without disqualifying the child from public benefits. Other family members, such as grandma and grandpa, can leave gifts or a legacy to the disabled child without a worry that the child will become a target from unsavory individuals. As a result, these funds will then be available to supplement the needs of the child in the future.
To learn more about Special Needs Trusts visit our site.