Question By: You understand how crucial it is for you to address your child's needs if you are the parent of an autistic child. In order to sustain them as they get older, a lot of special needs kids rely on government assistance programmes like Medicaid. By establishing a special needs trust (SNT) after your death, you can give your autistic kid more stability. A special needs trust is a legal arrangement that ensures assets, often money, is held in an account and used to support your child. Because the funds belong to the trust, not your child, they will not be factored into the child's eligibility for government benefits. pecial needs trusts (SNTs) are typically set up by the parent or guardian. The individual who sets up the account, called the grantor, can fund the account as can other individuals who wish to support the child now or in the future. The grantor also specifies a trustee, or the third-party that administers the trust.
Benefits of a Special Needs Trust
- Special needs trust play an important role in your child's long term well being and offer several benefits, including: Assets within the trust are not considered when determining eligibility for government programs like SSI and Medicaid.
- Parents can control : who they choose as the administrator or “trustee” of the trust, with common options including existing family members and professional trustees.
- Trustees have fiduciary responsibility: to act in the best interest of the beneficiary.
- The assets in a special needs trust can be used for a variety of expenses: Not covered by government benefits, including out-of-pocket medical or dental costs, personal care givers, rehabilitation services, education, vacations, vehicle or home repairs and recurring bills.
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