A new law bundled in with the 21st Century Cures Act expands access to special needs trusts. The law, known as the Special Needs Trust Fairness Act, gives people with disabilities the option to create their own special needs trusts instead of relying on a parent, grandparent, legal guardian or court to do it for them.
How Do Special Needs Trusts Help People with Disabilities?
Special needs trusts can be very beneficial to disabled individuals. A special needs trust provides loved ones with a way to leave money to disabled beneficiaries after they die without disqualifying them from receiving government benefits.
Leaving loved ones with special needs money directly after you die could result in them losing their eligibility for Social Security disability insurance (SSDI) and other types of government benefits. With a special needs trust, you can provide financial support to a disabled loved one after you die in a way that enables them to maintain or improve their quality of life financially.
How Can I Set Up a Special Needs Trust?
If you are considering setting up a special needs trust, you should discuss it with an experienced disability attorney to ensure it is the best option for you and your loved one. For more information about disability benefits, keep following our Tulsa disability lawyers’ blog, and visit our Twitter and Facebook pages.