If you have a member of your family that has special needs, we at Burr Capital Advisors are here to help you with your financial planning to ensure that they are set up for financial independence. Whether you have a special needs kid or a special needs adult, a special needs trust is a great option to make sure they are taken care of throughout their lifetime when it comes to their financials. It provides supplemental and extra care for a child. Here are a few of the benefits that come with a special needs trust:
Protect Assets - By placing assets in a trust, you can ensure that the money will be used for its intended purpose. They cannot be revoked or seized by creditors or by the winner of a lawsuit if one should take place.
Maintain Eligibility For Government Support - When you place assets in a special needs trust, it helps to keep your special needs child’s available monthly assets below $2,000. That way, they can still receive federal benefits.
Protect Child Long Term - As a parent, you want to make sure all of your children are taken care of after you pass, especially any special needs kids you may have. Creating a special needs trust ensures your child is properly cared for long after you are gone.
For more information about special needs trusts, or other ways you can plan for a special needs family member, please get in touch with our expert financial advisors today at Burr Capital Advisors. We understand financial planning can be intimidating, especially when you are trying to plan for a special needs child. We are here to help and provide you with the resources to make the best decision possible for your loved ones.
When Special Care Is Needed: The Special Needs Trust
A special needs trust helps care for a special needs child when you’re gone.
