Families with loved ones with special needs often worry about how to care for their disabled family members after they die. Most families want to leave an inheritance to ensure their children or grandchildren are cared for when they are no longer here to fend for themselves.
The only problem: if you mistakenly leave an inheritance to a family member with special needs, it could result in state aid being excluded. To avoid this, it is best to set up a special needs foundation. You can contact elderlawofaz.com/special-needs-planning/ for special needs trust in Arizona.
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A special needs trust is a type of irrevocable trust that can be formed for the benefit of family members with disabilities. Foundation founders, also known as founders, finance the foundation with funds and assets that they wish to use to care for their disabled relatives.
Beneficiaries are family members with special needs which are the basis for establishing the foundation. Family members with special needs cannot directly have the money to receive the benefits. Therefore there must be someone who distributes the money to the recipients. This person is known as the trustee.
The trustee is the person responsible for managing the trust and the assets within it. The trustee is also the person who pays the division of the trust to pay fees on behalf of the heirs so that the heirs do not lose their state assistance.