5 Things You'll Want to Know About Special Needs Trusts

If you had to guess the largest minority group in America, what would you say? The Department of Labor states that as of January 2016, people with disabilities make up the nation’s largest minority, counting almost 50 million individuals.

For families affected by disability, especially physical and developmental, the care needed can be daunting – on physical, emotional and financial levels. While many government programs exist to aid these individuals, they still fall short in most cases and, in the current economic environment, face budget cuts.

The simple truth? It is vitally important for these families to have the necessary legal documents and financial planning in place. The cornerstone of such a plan can be the Special Needs Trust.

Special Needs Trust Part 2: Trustee Appointment

The following is Part 2 of last week's post titled Special Needs Trust Part 1: Planning Ahead.

In addition to the Special Needs Trust, there are other financial and legal considerations to be made concerning people with disabilities. As with any trust, a trustee must be appointed to oversee the assets held in trust. Often this is a parent of the individual with the disability. However, a growing concern for many is that the individual with the disability may outlive their parents thanks to improvements in treatment and care. So, decisions should be made as to who will serve as trustee in that scenario. 

Special Needs Trust Part 1: Planning Ahead

The following article is written in two parts – the first focused on the properties of a Special Needs Trust. Catch our blog next week for Part 2: Trustee Appointment.

Did you know that the largest minority group in the United States is people with disabilities?

For families affected by disability, especially physical and developmental disabilities, the care needed can be daunting – physically, emotionally and financially. While many government programs exist to aid these individuals, they still fall short in most cases and, in the current economic environment, face budget cuts.