Posted on September 28, 2021
How Establishing trust in Arizona for special needs is crucial?
In Arizona, if a Special Needs Trust is not created, benefits may be cut or eliminated if the person has more than the maximum amount that the government allows.
What is a Special Needs Trust?
Instead of leaving money and property to the incapacitated person, the family can place them in the Trust. The Trust is named to the incapacitated person as a beneficiary. A Trustee is then appointed to spend the Trust money on behalf of your loved ones. To learn more about special needs trust you can go through this link https://elderlawofaz.com/special-needs-planning.
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The Trust funds can be used to pay for costs beyond what your loved one receives in governmental benefits. This includes vacation, travel expenses, and recreational activities. Medical and dental expenses would need to be paid out-of-pocket.
A Pooled Trust
In Arizona, a Pooled Trust for Special Needs can be an engaging opportunity for disabled individuals who do not have a suitable Trustee. A friend, family member, or disabled person can create this Trust. They may also use their assets. A non-profit organization manages the Pooled Special Needs Trust. The Trust's remaining funds can be returned to the non-profit or the state Medicaid agency upon the death of the disabled person. An Elder Law attorney can help you decide the best course of action.