Estate planning often starts with assessing how you would like the future to look like for your loved ones. When you have a special needs child, this is likely to mean that you will want to make sure that they have access to adequate care and support throughout their lives. As a parent, you may not always be able to care for your special needs child in person, but you can set up your estate to ensure that they are always protected.
Many people consider creating a special needs trust for their children. This is because special needs trusts allow the flexibility for individual needs to be addressed. If you are a special needs parent in the state of Massachusetts, it is important that you take your time in understanding your options so that you can make the best decision possible.
What uses do special needs trusts have?
Special needs trusts are not only created to help a disabled child after their parents’ lifetime. They can also be put in place in order to help the child have his or her finances managed. This can be very helpful when it comes to avoiding being disqualified from certain governmental benefits because of a high income.
As well as helping the special needs child to gain benefits and manage finances in the most efficient way possible, the special needs trust can help you as the parent to have peace of mind that your child will always have a financial infrastructure in place. It is important to research the more detailed workings of special needs trusts before taking action.