You may become more aware of the possibility that an adult child, who is either disabled or unable to work and receives SSI/Medicaid benefits, might never be able to care for himself/herself.
A Special Needs Trust (SNT), can be made from money the child has either earned, such as inheritances, insurance payouts, personal injury settlements, or money donated by a third party.
You should get a consultation and get to know more about the special needs trust in Arizona via elderlawofaz.com/special-needs-planning.
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What are the benefits of a Special Needs Trust?
An SNT allows disabled persons with assets greater than $2000 to still be eligible for SSI, MediCal, and any other government assistance that is necessary for their well-being and health.
An SNT provides peace of mind for parents by ensuring that their disabled child is taken care of even if they are unable to do so.
The basic goals of a Special Needs Trust (SNT) for a disabled person are to avoid assets from being wasted and to ensure that those assets are properly cared for.
Social security income and state-funded medical care are provided on a need-based basis to persons who are unable to earn an income due to a disability. Under social security rules and legislation, a properly created and operated SNT is a lawful and valid tool.
If you have a child that will require outside assistance throughout their lives, consult an attorney to explore the possibility of setting up a Special Needs Trust.