Most parents of children with special needs understand how important it is to plan ahead. While there are many vital parts to this planning, a special needs trust should be at the top of the list.
Utilizing a special needs trust will ensure that after the parents pass away, the child will not lose any government benefits due to inheritance. But what happens if a special needs person gets an inheritance from someone other than a parent who did not set up a special needs trust? Could that impact their government benefits too? What many people don’t realize is that there are two different kinds of special needs trust available and how they are set up mainly depends on one, who is setting them up, and two where the money is coming from.
Tune in to a new episode of Absolute Trust Talk to take a closer look at special needs trusts and how to ensure that inheritance doesn’t impact government benefits for the special needs person in your life. With the right guidance and planning in place, you can rest assured your loved one will be protected.
- If you have a special needs family member, get in touch with your attorney, and get a plan in place.
- Placing money and inheritance in a special needs trust will ensure that the special needs person will not lose necessary government benefits.
- Even if you don’t have a special needs family member, consider having a special needs provision added just in case.
Time-stamped Show Notes:
1:20 – What kind of government benefits are critical to a special needs person?
2:27 – What is the difference between the two types of special needs trusts?
3:34 – This is a common scenario for special needs planning and setting up a special needs trust.
4:44 – Why would a special needs person set up a first-party trust?
6:54 – This is the most important regulation to follow when setting up a first-party special needs trust.
8:26 – Where do you get started with special needs planning? Start here.
8:56 – Kirsten shares her top tip that everyone should do with their trusts, whether they have a special needs family member or not.
[Ad] If you need help planning for the future of a special needs family member, we’ve got you covered. We can help put the right protections in place to ensure your loved one is cared for properly. Schedule your free discovery call today, and let’s get started.
A person with special needs has their own unique needs, and their estate plan should reflect that, but it can come with its fair share of challenges that must be carefully thought out. By visiting https://absolutetrustcounsel.com/special-needs-tools/, you’ll find various tools, tips, and information to help protect and support the person with special needs for years to come.
