A special needs trust is a document that allows you to hold or protect assets for your beneficiary with disabilities. Here are some reasons why you should establish a special needs trust.
- To choose someone to serve as a trustee, especially if your beneficiary is unable to manage finances
- To protect assets for your loved one without affecting their SSI or Medicaid
- To protect your assets from creditors
While establishing a special needs trust differs depending on your situation, you need to consult with an estate planning attorney to advise you accordingly. Contact Granholm & Gynac today for more information about special needs trusts.