Every family is different, which means every family will have different estate planning goals. If you have a disabled or special needs individual in your family, it is beneficial to consider his or her future needs when drafting estate plans. There are certain tools available to you that can benefit your family for years to come.
Through a special needs trust, you can set aside assets for the specific purpose of caring for a person who cannot care for himself or herself in the future. If you do not have plans in place for the care of your special needs loved one, you would be wise to consider taking this step as soon as possible. There is significant benefit in having the right protections in place for the well-being and security of your North Carolina family.
What can this type of trust do for you?
There are significant benefits in establishing a special needs trust. You may think you do not need to take this step because you plan to pass assets to your loved ones through your will. This is not a smart step in cases where you are hoping to provide for the care of a special needs individual. Some of the benefits specifically available in a special needs trust include:
- Money passed through a special needs trust has no bearing on a person’s eligibility for government benefits, housing assistance and more.
- You can be certain funds set aside will be specifically for medical care, daily needs and more.
- You will retain control over trust assets during your lifetime.
The intent of this type of trust is to provide care for a person beyond what he or she may get through government benefits. You can also appoint a trusted individual to act as trustee, seeing that assets are used for their intended purposed on behalf of your special needs family member.
Security for your family
While you cannot control the future, you can have a measure of control over what happens to your assets. You have the right to decide if those assets go for a specific purpose, like caring for someone’s basic needs well into the future. If you believe a trust is a smart step for you, it may help to discuss your specific estate planning needs with an attorney who can help you craft a plan that suits your specific objectives.