There are many different options with respect to trusts and wills and it is important for those who are creating an estate plan to carefully look into their choices and find one that suits their individual needs best. For some people, a less common type of estate plan may be the most sensible option. For example, someone who has a loved one who is a struggling with a mental illness or a disability may find that a special needs trust works out best for their family member. There are a number of perks when it comes to special needs trusts and for some families in Ohio, these trusts help ensure that those who are struggling with a disability have the resources they need.
One of the main reasons why people move ahead with a special needs trust is because it allows those who are mentally or physically challenged to retain their eligibility for certain types of government assistance that they may count on, such as Medicaid or SSI. Under a special needs trust, someone who is struggling with a mental or physical disability will be able to gain access to assets via the trust without becoming ineligible for certain forms of government assistance that they count on.
Special needs trusts are just one option, but there are many other considerations that people have when creating an estate plan. It is crucial for you to create a plan that covers your needs best and our estate planning webpage has more on setting up a trust.