Reduce Stress on Family and Friends with a Team Approach to Special Needs TrustsDate posted: September 3, 2019
People with disabilities, their families and professionals setting up long-term care and financial plans must consider a long list of concerns, including required services, costs, funding strategies, the people involved, and how the care plan will impact relationships over long periods of time.
One of the best choices for long-term financial support and care that that also helps reduce the stress placed on personal and family relationships is establishing a special needs trust with a nonprofit specializing in this service. Special needs trusts help people with disabilities remain eligible for needs-based government benefits while preserving personal assets and enhancing quality-of-life.
Setting up a special needs trust with a nonprofit organization designates the nonprofit as trustee for the beneficiary, and connects the individual and their family to all services provided by the organization. The alternative is to establish an individual trust with a paid personal trustee, or for a family member or friend to act as trustee. Responsibility for trust, tax, and public benefits laws and for spending decisions can be heavy and can result in conflict and strain relationships.
We look forward to sharing more information with you about how special needs trusts could work for you and those you care for.