A. If you are a parent of a child with special needs, you want to make sure your loved one is taken care of after you are gone. Establishing a special needs trust on behalf of your child and fund it with a life insurance policy may be the answer.
What is a Special Needs Trust
A special needs trust is designed to help you leave behind assets with the assurance they will be used to support an individual with special needs.
The trust is created to take care of any supplementary needs the individual may have that are not covered by government benefits. Once the basics of food, shelter, medical care, and education are met by the government, the trust can provide additional funds to enhance the quality of life of the person with special needs.
Using a special needs trust allows you to provide for a love one without jeopardizing his or her eligibility for need-based benefits.
In our next blog post, we will discuss how does a special needs trust work.