Setting up a special needs trust in Indiana could potentially help your loved ones maintain their standard of living and manage their spending. In some cases, the process is relatively straightforward. In others, you may need to deal with complex legal issues at the state and federal level. At Rebecca W. Geyer & Associates, P.C., we help our clients navigate these issues on a regular basis.
As explained by the American Bar Association, special needs trusts often represent a critical discussion point during the estate planning process. Please continue reading for a brief discussion of why these legal tools are important.
One of the more obvious reasons why you would want to think about establishing a special needs trust is if you had a loved one with special needs. These disabilities could make it difficult for the intended beneficiary of your trust to go about life the way others do. Certain conditions also markedly increased cost of living through medical bills, medication or therapeutic assistance.
While there is often an opportunity to receive support from various institutions, such as your insurance or government programs, your loved one may find the rules somewhat restrictive or confusing. Special needs trusts often cover expenses that government programs do not, such as travel, education, home furnishings and other necessities for a full and rewarding life.
There is a subtler reason why you may want to at least discuss this subject during your estate planning. Namely, it is conceivable that beneficiaries of your estate could develop special needs in the future. It is typically helpful to understand ahead of time what you may need to do in order to protect government benefits in this type of eventuality.
This is a complex subject, but it often becomes clearer when you look at it from the perspective of your unique situation. For more information, please continue to our main website.