What can your loved one buy with special needs trust funds?
The future is uncertain. That can be an uneasy feeling under any circumstances, but it can be especially concerning when you have a special needs child who will need care and support even after you’re gone. As we’ve discussed previously on this blog, a special needs trust is a great way for you to provide some stability for your child’s otherwise uncertain future, but this week we want to talk a little bit about what, exactly, a special needs trust can help your child with from a financial perspective.
What can a special needs trust pay for?
A special needs trust is meant to provide your loved one with support in addition to Medicaid and Supplemental Security Insurance benefits. Therefore, your loved one can’t simply use the funds from a special needs trust on whatever he or she wants. That said, the limitations on these kinds of trusts are relatively loose. Here are just some of the items that can be paid for with funds from a special needs trust:
- Medical treatment not covered by other benefits
- Medically necessary equipment, such as a wheelchair
- A car
- A primary residence
- Home furnishings
- Personal effects
- Assets geared toward occupational goals
These categories are broad, and they don’t include everything that can be covered by special needs trust fund assets. In other words, funds from a special needs trust can truly provide your loved one with a strong sense of stability moving forward.
Putting together a holistic estate plan to suit your needs
Estate planning is a customizable process that is meant to put your interests and those of your loved ones first. But in order to achieve the outcome you want, you need to be diligent and thorough in the creation of your estate plan while also being cognizant of the full range of your estate planning options. That’s why you might find it beneficial to delve into this area further to ensure that you can make the informed decisions that are right for you and your family.