You know the importance of government assistance programs for your loved ones if they are disabled. In Arizona, To be eligible for these programs, the dependent must have limited financial resources. Any inheritance that you give to your dependent could put them at risk for eligibility for government assistance.
How can you care for your loved ones without interfering in government assistance? A Special Needs Trust is what you need to protect your loved ones in Arizona.
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In Arizona, this unique legal document allows for you to care for your dependent's supplemental requirements without excluding him or her from programs like Social Security and Medicaid.
Any funds that you have intended to support your disabled dependent upon your death will be transferred into a special trust. This trust is solely for their benefit. Your dependent can still receive government assistance because the funds are not in their name and are managed through a third-party trustee.
There are limitations on the number of trust funds that can be used, but generally, the trust will pay for any additional needs such as travel expenses, entertainment, cable TV, and education. You can provide home healthcare services for your dependent, car and clothing, as well as medical expenses. Remember that any asset that is subject to a title or deed needs to be in the trust's name and not your dependent.
This will allow you to make sure your disabled dependent lives a happy, fulfilling life.