Planning for the future can be a daunting and overwhelming task. It is not always easy to know what to include as part of your estate planning strategy and what steps you can take that will allow you to face the future with confidence. While each person is different, there are specific things you can do that will allow you to ensure that your interests and those of your loved ones are secure.
An important step is to carefully evaluate your needs to determine what would be most important for your estate plan. For example, if you currently care for a special needs individual, or you may have to provide this care in the future, a special needs trust is a beneficial addition to your strategy. This is a specific estate planning tool that can help you lay the foundation for a strong future.
Help for your loved ones
If you care for a loved one who is unable to care for himself or herself, you may worry about what will happen in the future when you are no longer around to provide sufficient care and support. Through a special needs trust, you can be certain that your loved one will have financial support necessary for the future. Consider the following facts about a special needs trust:
- You can name a trustee to oversee the distribution of assets held within the trust.
- The assets held in a special needs trust do not impact the beneficiary’s eligibility for government benefits.
- A special needs trust allows you to ensure that your loved one has extra financial support for things not covered by government benefits.
Life is unpredictable, and it is always beneficial to plan for contingencies. Even if you will not need a special needs trust until well into the future, establishing one now can help you face the uncertainty of life with confidence.
Your estate planning needs
If you are unsure of whether you will need a special needs trust as an addition to your estate plan, you may benefit from seeking experienced guidance from a knowledgeable professional. This insight can help you make smart decisions that will benefit your Texas family and provide all of you with peace of mind for the future. An assessment of your estate and your needs can provide you with insight regarding your options.