While all parents in Arvada and Jefferson County worry about who will care for their children should they die, it is an especially harrowing thought for those who have a child with special needs. This is usually because some special needs children need care even after they become adults. Parents dealing with this type of worry have an estate planning option when it comes to planning for the future – a special needs trust.
What is a Jefferson County Special Needs Trust?
A special needs trust in Jefferson County is a trust that allocates specific funding for someone who has special needs or is disabled. The great part about it is that it can provide for the child with special needs without alienating any of the other children or putting that financial responsibility on another. It works much the same as a traditional trust, where the person setting up the trust is the one funding it, the beneficiary is the special needs child, and the trustee is the one managing the trust to make sure that it is distributed appropriately and with the wishes of the person who set it up.
Choosing a Trustee for Your Child’s Special Needs Trust in Wheat Ridge
In Wheat Ridge, when choosing a trustee for this type of trust, you want to make sure it is someone who can be trusted implicitly. The sad reality is, there are some people who would take advantage of the fact that the beneficiary or special needs child does not have the capacity to question or monitor the actions of the trustee. In essence, the trustee acts as a guardian for the special needs child. The goal is for the trust to be able to benefit your child throughout their adult life.
Benefit of Special Needs Trust: Government Support and Funding
An amazing benefit of the special needs trust is that it will not disqualify your child from receiving public benefits like social security or Medicaid. Often, having assets totaling more than $2,000 will disqualify a person from receiving benefits. However, a special needs trust is exempt from being included as an asset for determining eligibility. These public programs can help provide for your child and the trust can supplement anything beyond the basic needs that may be necessary.