A special needs trust is a type of trust that is specifically designed to help protect the assets of people with disabilities. The trust can be used to provide financial and legal protection for the person with a disability, their family members, and any other persons who may need assistance in caring for them. You can browse this site to learn more about how special needs trust helps people in Arizona.
A special needs trust can be beneficial for a number of reasons, including:
1. It allows individuals with disabilities to have more control over their money and estate planning.
2. A special needs trust can provide tax benefits, such as the ability to avoid income taxes on the trust’s income and estate taxes on the assets held in the trust.
3. This trust can protect assets from creditors and other legal challenges.
4. A special needs trust can provide support for adults with disabilities who may need assistance managing their finances or living independently.
The special needs trust can be structured in many ways, but it typically involves creating a trust account for the beneficiary and transferring ownership of the beneficiary’s assets into the trust.
The trust can then use these assets to provide financial support and care for the beneficiary. The trust can also make decisions on how to distribute the beneficiary’s assets when they die, which can help ensure that the beneficiary receives the money they need while protecting their loved ones from unexpected costs.
By establishing a trust, you can avoid complex estate taxes, protect your loved ones from unexpected medical expenses, and ensure that your loved one will have access to needed services throughout their lifetime.
