In Arizona, although we all need an estate plan, most people put it off until they get older. An estate plan is one of the three essential foundation steps before you can invest. Without a basic plan for your estate, an investment plan could quickly go sour in dire situations. Nearly 15% of Americans aged 5 and over have some form of disability, and nearly 41 million Americans have it.
Approximately 2.8 million children (ages 5-15 years) also have disabilities. I rarely know of a family without been affected by a child's mental or learning disability. Many children will outlive their parents. Many families are now looking at estate planning while they're still young. Also, you can discover more benefits of special needs trust in Arizona.
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In Arizona, a basic estate plan includes a will, a health care directive, power-of-attorney for financial and medical care, and, sometimes, a living trust. You may also be able to include a trust for special needs or supplemental care. These are some characteristics of a special need trust:
A special needs trust funds expenses that improve a disabled person's quality of life while not limiting their access to government benefits such as Medicaid and Supplemental Security Income (SSI).
Every state has its own special trust rules. Make sure that your financial professional knows the details of your state. The Special Needs Alliance and the Academy of Special Needs Planners are both great resources.
Make sure you include a special needs trust in your estate plan if you have a disabled family member. You could lose out on the benefits your loved ones could receive beyond your lifetime if you don't include a special needs trust.