Our society today is doing more than ever before to attempt to make sure that people with special needs are taken care of. From a government standpoint, disabled individuals may be able to receive Social Security Disability benefits or Supplemental Security Income. However, in some cases, those sources of income are not enough. Many people in Georgia who have family members who have physical or medical disabilities oftentimes want to look into the benefits of a special needs trust.
All types of trusts can be complicated, and special needs trusts are no exception. Anyone who is interested in potentially establishing one of these types of trusts will need to determine if it is the right option.
For starters, consider how your family member with special needs might inherit assets from you upon your death. If the assets are passed on to that family member through a simple will, the net gain of those assets may impact the special needs individual's eligibility for government benefits.
That is where the special needs trust can come into play. With this type of trust in place, the assets could be passed on to the trust, with the special needs individual named as beneficiary. Since the assets are held and owned by the trust - not the special needs individual - the assets will not be counted when it comes to government program eligibility.
When Georgia residents are considering whether or not to establish a special needs trust, they need to weigh the pros and cons. One of the drawbacks is that if the documents which establish these trusts are not properly worded, there could be problems down the line. That is why getting the right information about these trusts can make all the difference.