Families can have peace of mind by creating a trust for special needs. This legal structure provides financial protection for someone with a disability. These may be set up in a variety of ways, depending on the individual's needs.
Why might people need these services
services like these are needed by those who cannot manage their finances. This trust can benefit those with disabilities like mental retardation, Down syndrome, brain damage or diseases, or other issues that affect their ability to manage money.You can also browse the web to find a trusted special needs trust in Arizona.
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These services allow people to keep their income for longer periods of time, so the money cannot be used in any other way. This allows for a more restricted access to the account, which greatly reduces the chance of someone misusing the funds.
This trust can be set up so that the beneficiary does not lose access to many services provided by the federal and state governments. This is especially true if funds in the trust were the result of a major lawsuit or settlement that was intended to provide financial aid to someone for a lifetime.
They are managed by a trustee, who is usually a sibling or parent. However, a trusted friend can also handle this task. These can be used to manage inheritances or other funds, in addition to legal settlements.
Although it is easy to find someone to create this type of trust, the process can differ from one state to another. Some places have attorneys who can handle this while others may need a financial planning service. If you are thinking about establishing a special need trust, it is worth looking at all the options available to you. These services come with a variety of features and prices.