Government benefits are often hard to navigate. With many rules and regulations, it can seem impossible to keep track of every detail concerning your benefits. You never know what seemingly minor detail might have a major impact on your government benefits. Plus, very few people know how to maximize those benefits. In fact, it can be so difficult that many people who need benefits might not be receiving them.
If your children are receiving benefits based on needs, they will lose those benefits if they have any assets. This means if you don’t plan correctly any inheritance the receive could cause them problems. Instead of providing relief as intended, you increase their stress. The correct Estate Plan design will allow them to keep the government benefits and their inheritance. This is why it is important to create that Special Needs Trust.
This is also true if they might need government benefits in the future. A thorough Estate Plan can create a Special Needs Trust. This allows your child to keep any future benefits and their inheritance. This will be the most beneficial for your child in the long run. It will not hinder any future plans they may have or need.
