How might your child benefit from a special needs trust?

On Behalf of | Jun 3, 2024 | trusts

If you’re a parent who is caring for a child with special needs, you know that it requires a lifetime of planning and dedication. Luckily, there are resources and tools you can explore to make your work easier and your child’s life better.

One avenue you can explore is establishing a special needs trust (SNT). While you’ve likely heard about this type of trust, you may wonder how your child can benefit from one. You’ll be pleased to know that this legal resource can help preserve your child’s eligibility for government benefits.

What are special needs trusts?

Like the name suggests, an SNT is an entity you create to help manage your child’s assets. However, they’re unlike regular trusts because help ensure that your child remains eligible for need-based government programs. Through the protection of the trust, you can secure your child’s future without worrying that government programs will consider them too wealthy to receive Medicaid and Supplemental Security Income (SSI). This way, you can provide for supplemental needs, which are not fully covered by government programs or insurance.

For example, your child can use the funds in their SNT trust to access:

  • Therapies
  • Educational aids
  • Assistive technology
  • Recreational activities that enrich their life

Furthermore, you can use the funds to afford in-home care, specialized equipment or transportation to help ensure your child receives the best possible care.

Just like any other child, your child needs to be educated and trained for the job market as they grow. With an SNT, you can afford specialized educational programs, vocational training or workshops that empower your child towards greater independence.

A special needs trust is a thoughtful and strategic way to provide for your child’s future. It safeguards their eligibility for essential programs while offering the financial resources to improve their quality of life, access opportunities and achieve greater independence. By planning ahead with the help of a legal representative, you can offer your child the peace of mind and support they deserve, even if you are no longer around to provide it for them directly.