A parent or caregiver for an individual with a disability may wish to create a situation in which his or her loved one can thrive. The disabled individual may also be looking at ways to utilize income and savings alongside government benefits. A special needs trust can be one option for individuals looking to diversify their financial resources. In Melbourne, Florida, individuals can create these trusts and also preserve other benefits.
Statistics show that more than 57 million individuals in the United States live with physical or cognitive disabilities. Many of these individuals rely on government programs to assist them with medical and financial needs. The rules for such programs can be confusing, while income and asset limits can reduce a person’s ability to save for the future or to purchase big-ticket resources.
These disabled individuals will need long-term support for housing, caregiving, transportation and medical needs, especially if they are unable to handle these issues themselves. A special needs trust can be created to help the individual provide for long-term needs without jeopardizing important government benefits. The individual can benefit from the trust and receive life-insurance policies, investments and financial gifts.
A special needs trust can be a valuable tool for the individual in Melbourne, Florida, with long-term disability needs. Creating a trust that is within state and federal guidelines will help preserve wealth and benefits and also allow the individual to thrive. An experienced special needs trust attorney can offer useful guidance for any person curious about this option.
Source: wealthmanagement.com, “An Important Consideration: Financial Planning for the Special Needs Community“, Tom Halloran, May 30, 2018