Special Provisions for Special Needs
Your children with special needs need special provisions to be included in their inheritance.
Leaving an inheritance to your child who is either mentally, emotionally, or physically challenged has risks. They can squander their inheritance. Or havenit stolem.
Your children who receive Social Security disability benefits (SSI) can lose those benefits.
However, the solution to all of these quandaries is the same: A Special Needs Trust.
Under a Special Needs Trust, the inheritance is retained in the trust. Your successor trustee named in the trust will manage the inheritance for your child. The trustee makes the investment decisions and the disbursement decisions.
By leaving the trust assets in the hands of the trustee, almost all of the potential risks can be alleviated. Or eliminated.
And, for beneficiaries who are receiving SSI benefits from Social Security, this preserves their benefits.
For your loved ones who need a managed inheritance, Special Needs provisions should be added to your Family Trust.