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Reviewing some advantages of special needs trusts

On Behalf of | Mar 24, 2018 | Trusts |

There are many options when it comes to trusts, from revocable to irrevocable trusts and spendthrift trusts. However, it is crucial to pinpoint which type of trust will best suit your individual circumstances and the unique needs of your loved one, especially if they are struggling with a disability. For example, some people set up a special needs trust, which can be highly advantageous for beneficiaries, in certain circumstances. Regardless of the type of trust you decide will work best for you and those you love, it is crucial to carefully weigh your options and make the smartest decision.

Sometimes, special needs trusts can be particularly beneficial from a financial point of view. For example, someone who is disabled may find that a trust disqualifies them for government assistance programs such as Medicaid and SSI. However, a special needs trust may help some people who are struggling with a disability avoid these complications. Moreover, those who are struggling with a disability may find that a special needs trusts suits their individual needs better. There are many different types of disabilities that people struggle with and it is important for their needs to be taken into consideration when someone intends to name them as a beneficiary when creating a trust.

Our law firm realizes that dealing with trust-related legal issues can be tough, but you should comprehensively review all of your options before making any decisions. Our page which focuses on trusts has more material that is interconnected with special needs trusts.