If you have a loved one with special needs, you may be looking for ways to provide for their future. One option is to set up a special needs trust. A special needs trust is an estate planning tool that can help you manage assets for your loved one's benefit. There are many advantages to using a special needs trust, and this blog will discuss some of the key benefits.

Supplemental Needs Trusts in Texas 

Special needs trusts, also called supplemental needs trusts, ensure that a disabled person or an individual with special needs receives the care he or she needs. For example, a grandmother caring for a grandchild with cerebral palsy may worry about the care her grandchild will receive once she has passed away. In a situation like this, a special needs trust may be set up to provide consistent financial support for the child even after the grandmother dies. Funds from a special needs trust may be used to pay for medical expenses, in-home care, therapy, housing, and other needs. 

Protecting Assets and Supplementing Government Benefits 

One of the main advantages of using a special needs trust is that it can help you protect your loved one's eligibility for government benefits. If your loved one has significant assets in his or her own name, he or she may not be eligible for needs-based government benefits like Medicaid. However, if the assets are held in a trust, the assets will not be counted when determining eligibility for government benefits.