Providing for a loved one via a special needs trust

On Behalf of | Sep 27, 2020 | Trusts

Many parents in Nevada and elsewhere may feel it vital to go to any length to protect the needs and futures of their children. Parents who have children with special needs may also wish to take every possible step to continue caring and providing for their kids even after they are gone. Estate planning could play a vital role in addressing similar matters by allowing parents to plan for the future with options such as a special needs trust.

A special needs trust may be a viable option for anyone who has a child with special needs. One possible benefit of such a trust is that it may help a parent provide for a child with special needs while allowing this person to continue receiving government benefits. The beneficiary of a special needs trust may also continue to receive support even after the settlor passes on.

There are also various types of special needs trusts available to help parents create a strategy to care for their kids throughout life. Prior to implementing a special needs trust, it could be helpful to include terms as to the purpose of distributions, as this could help avoid a disruption in other benefits. It may also be helpful to seek insight on any possible limits to amounts that can be stored in or distributed from a trust before eligibility for benefits is affected.

A special needs trust is just one estate planning tool that could help provide parents with peace of mind concerning the future. Parents who wish to implement such strategies but remain uncertain how best to approach the process could benefit from retaining the services of an attorney for assistance in navigating every stage of the process. An attorney in Nevada can also help provide advice on all other available estate planning options and work with a client in creating a plan to safeguard the future of his or her kids.