Government programs provide for special needs children, but strict limitations may disqualify a child. Worse yet: if you leave an inheritance or win a lawsuit, that can be enough to deny eligibility.
There is a solution, and at EstateGenius, we create this solution through a Special Needs Trust. We strategically create a trust so your child lives comfortably long after you are no longer here.
Your child may qualify for government programs like Supplemental Security Income (SSI), subsidized housing, vocational rehabilitation, or Medicaid. These can go a long way to secure your child’s living standards. But you can do more through a third-party Special Needs Trust. The assets of the trust benefit your child but do not negatively affect government programs.
When your child settles or wins a lawsuit, the funds from that award can be safely transferred to a first-party Special Needs Trusts. These trusts are set up to receive such funds so that the money may be held and managed in a way that will not disqualify the child from government assistance.
Parents worry about their children and this concern may be especially true with special needs children. A Special Needs Trust does many things, like securing financial resources without disrupting government programs. It also provides another important benefit. You can appoint a trustee whom you trust and who will, by the very nature of being a trustee, look out for your child.
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