To some people, estate planning seems enormously stressful, especially if they have a loved one who will need extensive care and support as time goes on. But you don’t have to be overwhelmed by the estate planning process. That’s why experienced and skilled law firms like ours stand ready to help.
As we’ve discussed previously on the blog, if you have a loved one who needs additional care and support, then a special needs trust might be right for you. But what, exactly, can a special needs trust be used for?
How your loved one can use a special needs trust?
Special needs trusts can provide your loved one with a lot of support, but funds from these trusts can’t just be used on anything. In fact, under the law, special needs trust funds should be used for statutorily identified purposes. Don’t let that scare you, though. The truth of the matter is that the law is pretty wide-ranging. Therefore, your loved one can use a special needs trust to pay for any of the following:
- A primary residence
- A vehicle
- Home furnishings
- Personal effects
- Medical treatment and care
As you can see, these categories encompass a lot of life’s necessities, which gives your loved one a lot of protection while ensuring that he or she still qualifies for governmental programs like Medicaid. And these are just some of the areas that a special needs trust can cover.
Create the estate plan that is right for you and your family
Estate planning is about devising an asset distribution system that protects your loved ones and furthers your interests. It’s entirely customizable to suit your needs and your wishes. Therefore, you should take comfort knowing that you have control over the process. Hopefully with that realization you won’t feel quite as overwhelmed and will find peace of mind by working with an attorney who can help guide you through the process.