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Advantages of a special needs trust

Having compassion for a family member with special needs is often easy; knowing how to act on that empathy and take intentional steps to care for the individual can be a lot more complicated. One option Ohio families can consider is setting up a special needs trust.

What is a special needs trust and how can it help? FindLaw answers these questions, explaining a trust as a plan to manage the finances of someone who is unable to oversee his or her own. Trusts can be especially beneficial for those who have disabilities or struggle with mental illness.

The benefits of setting up a special needs trust are many. FindLaw outlines them by first describing how government funds assist persons with disabilities and why that assistance is in need of protection. Those who are unable to take care of themselves rely on government resources, and sometimes family members want to help by making them beneficiaries of inheritance funds. 

FindLaw explains why this can actually do more harm than good. When someone receiving Medicaid, subsidized housing or other government assistance receives a substantial inheritance, he or she may no longer qualify for that aid. In the short term, that may not be a problem, but over the course of a lifetime, it very well could be. 

A special needs trust addresses this challenge by providing a place for the funds to stay accessible to the family member in need without causing him or her to lose the assistance the government offers.

CNBC adds detail on how to set up a team to administer the trust so that the family has the best chance of taking care of each other well.

 

 

 

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