Commonly Asked Questions about Special Needs Trusts in Arizona
It is never easy to imagine what will happen after you are gone. It's something you should plan for, especially if your child has special needs. Who will care for them? Do they have the financial resources to pay for it? If you have a special trust for people with special needs, these questions can be answered many years ago. These are the top questions regarding this trust type:
My child has special needs. What happens to my child if I go?
It's easy to feel anxious about what your child will get after you are gone. It is possible to wonder if your absence will affect his or her quality of life. Do you have the financial resources to provide quality care for your child without SSI and Medicaid assistance? These benefits will be necessary for your child, and you will need the funds to supplement them. A special needs trust is therefore necessary. Also, you can check my site to learn more about special needs trust in Arizona.
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What is the purpose of trust for special needs?
In Arizona, this trust provides benefits to your child without affecting public welfare assistance like SSI or Medicaid. There are two types of trust: self-settled where benefits such as a settlement or inheritance do not interfere with government aid, and a third party where funds are given to the disabled from family members.
Is trust necessary for my family member who is disabled?
It all depends on the situation. In Arizona, a special needs trust is not necessary for every person with disabilities who receives government benefits. A trust is recommended if your relative has difficulty managing the assets or may be eligible for benefits in the future.