Families with special needs children and adults often worry about how to care for their loved ones when they are incapacitated. Many grandparents and parents want to leave an inheritance to their loved ones who are disabled. This will allow them to live a comfortable life, beyond their government benefits.
If an inheritance that you have left to a relative with disabilities is not properly transferred, your government aid can be reduced. These benefits programs are very strict about income and resources requirements. To prevent this, it is important to establish an Arizona special needs trusts.
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An irrevocable trust is the Arizona Special Needs Trust
You can transfer assets to your loved one who is disabled through an Arizona special need trust. The assets and money won't count against their benefits. Because the trust is irrevocable, your special needs beneficiary doesn't own the money directly.
You can place assets and money into an irrevocable trust. The trust assets are no longer yours and the beneficiaries do not. Instead, the trust is the owner of the assets.
The trustee will then be appointed to manage the trust and pay expenses for your beneficiary. It is important to ensure that your beneficiary does not directly own the money.
To ensure you can pass on an inheritance to care for your loved one with special needs, an Arizona special needs trust is necessary.
This type of trust can be very complex and challenging to draft. To ensure that this type of trust is properly drafted, it is best to hire an experienced special needs trust attorney.