You want to ensure that your child is well cared for if they have special needs. A special needs trust will ensure that your child has the necessary resources to ensure their well-being.
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This trust allows the caregiver or parent to set aside funds for the care of their loved one with a disability. Special needs trusts also protects government benefits such as SSI or Medicaid. To be eligible for these benefits, an individual must have $2,000 or less in cash assets. Otherwise, they will need to raise the funds themselves. A well-drafted trust will prevent the individual from receiving more income than the government allows.
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In Arizona, your attorney will need to have a lot of information about the beneficiary, including their likes and dislikes. The attorney will need to know the medical information, Social Security number, funding sources, and details about the trustee to create the trust. This will allow your attorney to obtain a tax identification number that allows you to report all income from the set-aside funds to the IRS and the state.
In Arizona, you will also need an advocate to help you understand your wishes and the needs of the disabled person. The trustee will be working closely with this person to decide the disbursements that will provide the beneficiary the same quality of life. To provide detailed instructions, you should outline how you want your relative to be taken care of.