Many families struggle daily with the demands of caring for a family member with health or developmental challenges. Whether it is autism, Parkinson's, cerebral palsy, birth defects or some other debilitating condition, the challenges can be immense. Perhaps one of the more challenging aspects which these families face is making sure that resources are available to provide medical and other necessary benefits over the course of the family member's lifetime.
A Living Trust (also sometimes called a Revocable Trust) is a written document which allows the person setting it up to provide for the holding and distribution of their assets. In effect, a Living Trust is much like a Last Will and Testament in that it designates to whom assets are to be distributed and who will be in charge of distributing them. However, the way the Living Trust accomplishes these objectives is significantly different and thereby offers some definite benefits to both you and to your loved ones. Here are the major benefits:
A Special Needs Trust is an irrevocable trust that is set up to provide for certain needs of a disabled person. The trust may supplement the person's needs but may not duplicate those needs provided by governmental disability programs such as SSI and Medicaid.