Why should you create a special needs trust?
A special needs trust allows parents to set aside funds for medical expenses, education costs, and other things that would be difficult to pay for without one. The trust itself does not receive the money; instead, it distributes the money to the beneficiary.
The best thing about creating a SNT is that it allows parents to protect their children from being taken advantage of financially. If you create a trust before your child turns 18 years old, then you can ensure that his or her assets go directly to the person who cares for him or her. In addition, if you die while your child is still under age 18, then the trust will take effect after your death.
A SNT allows parents to set aside funds for their children’s future health care needs. The trust is funded by the parent(s), who then designate which medical professionals will be responsible for providing care. In addition, the parent(s) can specify what level of care should be provided. For example, if the parent wants to ensure that his or her child receives the best possible treatment, the parent might choose to fund a specialized facility. If the parent prefers to provide less expensive care, the parent could choose to fund a community hospital.
A Special Needs Trust allows parents to set aside funds for their children’s future care. The trust is usually funded with life insurance policies, annuities, bank accounts, stocks, bonds, real estate, and other investments. Parents can choose from several different types of SNTs, depending on what type of care their child requires. For example, if your child has a physical disability, such as cerebral palsy, then you might want to create a Living Trust. If your child has a mental health condition, such as autism, then you might consider creating a Health Care Proxy.
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