Special Needs Trust
As care costs continue to rise, Special Needs Trusts are becoming ever more valuable tools for managing assets for a disabled individual. It is now routine for care facilities to charge $4,000 – $6,000 a month for even basic services. Such high costs mean that even disabled individuals who have been left sizable estates are often left impoverished when they are still relatively young. After a disabled person’s resources are depleted, Medicaid will pick up the costs of basic care, but under government guidelines disabled individuals can be left as little as $63 per month to pay for all their entertainment or hobbies, for the occasional movie or meal out, for any little extra that might enhance quality of life.
One alternative is a Special Needs Trust. Individuals who qualify for the Special Needs Trust can preserve assets to pay for special trips, a motorized wheelchair, or other special medical equipment, companion services and many other services that enhance their quality of life, all the while preserving Medicaid eligibility for payment of basic care. InTRUSTment NW can guide you through the complexities of this process and ensure that the trust meets government guidelines. Our ability to create and structure trusts and provide guidance and support around care needs make us a superior resource for this service.
Because the fiduciaries at InTRUSTment NW have strong backgrounds in both financial management and human services, InTRUSTment NW can be there every step of the way. InTRUSTment NW can ensure that the beneficiary of a Special Needs Trust will receive the maximum benefit from the funds invested on his or her behalf.
To learn more about administering a Special Needs Trust, please CLICK HERE.