Planning for the future is crucial, especially when it involves loved ones with unique needs. Special Needs Trusts are a powerful tool that can provide financial security while safeguarding important benefits. At Rudman Winchell, our estate planning attorneys, together with the exceptional staff at Maine Fiduciary Services, specialize in guiding families through the intricate journey of Special Needs Planning and Trust Administration. In this article, we’ll delve into the world of Special Needs Trusts, shedding light on different trust types, trustee selection, planning for challenges, and preparing for the road ahead.
Learn About Estate Planning and Special Needs Trusts
When creating your estate plan, it’s important to think about those who depend on certain benefits such as social security income (“SSI”), MaineCare, housing assistance, SNAP, or heating assistance. Special Needs Trusts help you provide financial stability without risking essential benefits. A common estate planning question is how to pass on assets without affecting benefit eligibility. While completely cutting someone out of an inheritance might seem like an option, there are better ways to do this. Let’s explore some useful tools to help you achieve both goals: taking care of your loved one and preserving their benefits.
Read the full article here at Maine Fiduciary Services.
