Your sister has always been special to you. When you were 16, your mother got pregnant. A little less than a year later, you were holding your little sister for the first time. You thought she was amazing, even though she had cerebral palsy.
Today, she still struggles with her cerebral palsy. Her case is severe, and she cannot do many things on her own. While she’s clever and mentally capable, her physical needs are still great.
When your mother passed away and with your father out of the picture, you realized that you were going to be the only one there to care for her, at least in the foreseeable future. As a result, you want to put together a trust to guarantee she’ll have protection should anything happen to you.
How will a special needs trust help?
A special needs trust is an amazing legal protection that allows you to save assets and financial support for your sibling without affecting her right to benefits like Medicaid or Supplemental Security Income. Right now, your sister gets support through the government and state, but with your special needs trust, you’ll be able to provide her with additional comforts and financial aid on top of those benefits.
In this trust, you’re taking assets out of your name and preventing them from being in hers. A trustee technically holds the account, but they are able to distribute assets to people with special needs as needed or as you request. If you happen to pass away suddenly, then this trust could have the financial support that your sibling will need to be secure in the future.