MINT HILL, NC – If you have a child or other loved one with special needs due to physical or mental conditions, you face some challenges, including financial ones. You might also have some well-meaning relatives who want to help – but are they doing it the right way?
For example, grandparents who leave substantial assets to a grandchild with special needs could jeopardize a grandchild’s eligibility for important benefits related to housing, medical care, independent living, and other services.
So, if you learn that the grandparents or other relatives are planning to leave this type of inheritance, you may want to suggest an alternative form of generosity. Specifically, you may want to encourage them to look into contributing to what’s known as a special needs trust.
This type of trust can supply financial resources to individuals with special needs without endangering benefits such as Medicaid and Supplemental Security Income, or SSI.
See your legal advisor to determine if a special needs trust is right for your family’s needs. It might prove to be a good way to make life easier for the loved one with special needs in your family.
If you have any questions, please contact me at (980) 859-2549 or by e-mail at email@example.com
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor