If you worry about the well-being and future of a family member struggling with a disability, it is essential to understand how setting up a trust could help them. For example, you could look at supplemental needs trusts and some of the perks that can come with this option.
Before creating a supplemental needs trust, it is vital to go over various factors, such as the requirements and the way in which these trusts work.
Some advantages of supplemental needs trusts
The City of New York’s Human Resources Administration goes over some of the benefits that come with supplemental needs trusts (SNT). These trusts can help protect the financial future of those who have a disability. For example, an SNT can help a disabled beneficiary stay eligible for critical government benefits they count on, such as Medicaid, while other types of estate plans could disqualify them for this crucial assistance.
In addition, an SNT could help cover certain expenses that your disabled loved one has that Medicaid does not cover.
Setting up a supplemental needs trust
If you believe that an SNT is right for your loved one, you need to carefully prepare and work through the process of creating a trust. Make sure you have a thorough understanding of all relevant terms and the unique details of your disabled loved one’s circumstances. Gather as much information as you can and make sure you do everything in your power to provide your loved one with the support they need down the road.
In addition to helping a disabled loved one, an effective supplemental needs trust can provide an entire family with peace of mind.