It is every parent’s dream to ensure that his or her children grow into adults who are able to live their dreams and provide for themselves in the best possible way. However, for special needs children, it can be difficult for this dream to become a reality. They may struggle to complete school and get a high school diploma let alone a degree from a college or technical school. These children may not be able to earn their own incomes or afford the extensive medical or psychological care or pharmaceuticals that they may desperately need to live happy, healthy lives.
Benefits of Special Needs Trusts for Children in Downey
Downey Special Needs Trusts can help with this concern that parents may have. With a trust, the parents can place money into a fund that can be used to pay for any needs that the child may have for the rest of his or her life, such as medical bills, rent, car payments, food, clothing or even vacations. The fund will be administered by a trustee who will be in charge of using the money, paying bills and buying the appropriate products for the special needs person using the money in the trust.
The money in a Downey Special Needs Trust cannot be taken out as cash and given to the special needs individual. This is because cash is seen as a liquid asset by the United States government, and any liquid assets over $2,000 may preclude a special needs individual from receiving supplemental income. Of course, the chosen trustee must be someone whom the family trusts implicitly as he or she will be responsible for caring financially for the special needs person. If there are no family or friends whom the family can trust, the state can choose a disinterested third party in the courts.