It is impossible to predict the future, but there are things a Georgia family can do to make sure their loved ones have what they need long-term. This may be especially important for you if you have a special needs child or family member who will need care and support for the rest of his or her life. There are estate planning tools available to you that can help you meet these needs.
A special needs trust is a specific tool that allows families to set aside and protect assets for this specific reason. If you establish one of these trusts, you can have confidence that your family member will have funds that can pay for things such as housing, basic daily needs and more. A careful review of your existing plan can reveal if this would be a beneficial addition to your estate plan.
What can it accomplish?
Many people assume that passing money to someone directly through a will is the best way to make sure a loved one has what he or she needs. This is not an effective strategy for someone with long-term special needs. To help you decide if this is the right step for you, consider the following facts about this specific type of trust:
- This trust allows a special needs individual to have access to funds without risking his or her eligibility for public benefits.
- This trust can protect assets and keep them from going through the probate process.
- There is a designated trustee who will oversee the distribution of trust assets, ensuring their intended use.
When there is a special needs trust, you will have the assurance that the money you set aside will go toward what your loved one needs. This provides security and stability for someone who may need long-term care, even after you pass away.
Whether you need to add a special needs trust to your estate plan or start the planning process from the beginning, do not delay. The future is unpredictable, but you can take steps that will allow you to have a measure of control over certain things. A trust could be the right tool for your family to have assurance that someone you love will have what he or she needs well into the future.