What if my loved one does not receive government benefits?

Question:

Should I consider making a special needs trust if my loved one doesn’t receive government benefits?

Should I consider making a special needs trust if my loved one doesn’t receive government benefits?

 

Answer:

While many people make special needs trusts to improve the quality of life for a loved one without affecting that person’s eligibility for government benefits, it’s worthwhile to consider making a special needs trust for a person who has special needs, even if that person doesn’t receive government aid. 

For example, if your loved one doesn’t qualify as “disabled” but has mild developmental disabilities, mild autism, attention deficit disorder, or bipolar syndrome – or maybe just isn’t able to manage his or her own finances -- a special needs trust can help by assigning a qualified person to manage and spend trust assets.

Trusts like this that are designed to keep assets out of the hands of a beneficiary (and of his or her creditors) and in the firm control of a wise trustee are often called “spendthrift” trusts.

Learn more about Spendthrift Trusts or Special Needs Trusts on Nolo.com.

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