Great Gift Idea – Special Needs Trust

12 November 2012 Categories: All Blogs, Estate Planning

It’s that time of the year when everyone is looking for gift ideas. Do you know someone that has a child or adult with special needs? Why not give them a gift that will help to provide for the child for his or her entire life. A special needs trust is set up to help protect the benefits a person with special needs receives from the government and other agencies, such as social security income and TennCare. Many people do not know of the consequences of gifting money or property to someone receiving these benefits. You can make that person ineligible for the benefits without intending to do so. The best way to prevent this is to have a special needs trust formed in order for people to gift money and property directly to. The trust then can be used to enhance the life of the person with special needs by paying for things other than food and shelter such as trips, entertainment, tuition, and medical equipment. The trust ensures that benefits will not be affected by thoughtful gifts to that person.

If you would like more information on special needs trusts or any other services provided by McNulty & Associates, please don’t hesitate to contact us today (info@mcnultytn.com, 615-829-8250). Happy Holidays!

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