It is important to create a living trust for your children, while you are still alive. This guarantees that they will be financially taken care of in case anything may happen to you before they reach adulthood. If you have a child born with special needs, it becomes even more important to plan for the future, because these children may not be able to take care of themselves even if you leave them when they are adults.
While most children grow up and eventually become independent, children with special needs are not always capable of continuing throughout life independently and their disabilities may cause them to be unable to provide for themselves financially. In Arizona, the government offers financial aid to people with special needs, but the amount offered does not always compensate for the financial stresses of life.
Benefits of Special Needs Trust
An Arizona special needs trust account – actually any special needs account – will ensure that beneficiary of the account will continue to receive social security income (SSI). This is vitally important for people unable to work and generate income on which to live from month to month. This is a needs-based benefit that often helps to cover day-to-day living costs, such as rent, food, medical expenses and more. The monies from a trust can be used for any number of purposes and not limited to certain types of expenses; from vacations to new furniture for the home, this money is meant to be a lifeline between other cash benefits that are needs-based.
For those living in Arizona, an Arizona special needs trust ensures that the beneficiary is still eligible to participate in the Arizona Health Care Cost Containment System, which is the state’s Medicaid program. This is also needs-based, which is why extra funds should be diverted to a special needs trust; an increase in income can disqualify a disabled individual from being eligible for Medicaid. An Arizona special needs trust account protect this and SSI benefits to ensure that they continue and isn’t affected by the funds diverted into the trust account.
Trust accounts of this nature also preserve participation in a long-term care system, which covers this set of vital services to ensure that disabled individuals may take advantage of this should long-term complications occur from their existing conditions or disorders.
Giancarlo Estrada is an Arizona living trust attorney who is able to help individuals create a living trust before they die. Estrada also is able to secure a special needs trust for individuals with special needs children. It is important to set up a special needs trust for those who are disabled so you can rest assured that they will be taken care of financially when you are no longer able to take care them when they reach adulthood. With the government financial assistants set up and your special needs trust combined your child will be financial set. Please visit Giancarlo Estrada’s website for more information on special needs trusts.