Hello, I'm Karla Mitchell. Going through a legal case can be very expensive and challenging. I won't go into details, but I recently underwent my own legal battle that lasted several years. It is finally over and I successfully received a settlement, but I had to spend so much time studying law in order to play my role in my own court case. While I found a great attorney at one point, I felt completely lost initially and I don't want anyone else to experience the same thing. So I decided to create this blog for those who would like to know more about law.
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For individuals with special needs, daily life can be an immense challenge. As a result, it is common for these individuals to have a number of needs that must be met if their health, safety, and comfort are to be preserved. One tool for ensuring that the resources are available to meet these needs will be the creation of a special needs trust. This trust will ensure that the financial resources are available for your loved one's ongoing needs.
Why Would Someone Want To Set Up A Special Needs Trust?
Individuals that are responsible for the care of a loved one with special needs will often want to ensure their loved one is cared for in the event that something were to happen to them and they are no longer able to provide this support themselves. The creation of a trust will ensure that there are financial resources available that can only be used for the needs and support of the special needs loved one. In addition to ensuring that these resources are available, one of these trusts can also provide tax benefits, as the money in the trust is unlikely to be subjected to taxes when it is withdrawn to be used by the beneficiary.
Will You Have To Personally Administer The Trust?
While the benefits and advantages that come with having a special needs trust may seem obvious, individuals can be worried about the need to personally oversee this trust for their loved one. However, there is no need for a person to personally oversee this trust for their loved one. Rather, it is common to hire a professional company (such as Life's Plan Inc) to serve as the trustee. These individuals within the company will oversee and administer the trust according to the plan that was created when the trust was formed. This company can make sure that a neutral party is administering the trust so that family disputes and other issues will not impact the trust's availability for the special needs loved one.
What If The Loved One's Needs Change After The Trust Is Established?
Over the course of life, your special needs loved one may have their condition change or worsen. When this occurs, their care needs can change, and it is important for the trust to be able to accommodate this. Luckily, these trusts can be formed so that they will have policies in place for adjusting to the changing needs of the beneficiary. Often, this will involve the change being confirmed by the beneficiary's doctor or other primary care providers so that the trustee can adjust the benefits from the trust to ensure this treatment can be received.
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