Long Beach Fiscal Planning typically starts with a special needs trust. While financial planning can include savings accounts, IRAs, insurance and even 529 plans, most families find that the trust is the most important piece to this puzzle. A trust is a special account designed to hold money that is to be used for the special needs child. Because it is not in the child’s name, it is not seen as income or as an asset by the government.
Setting Up Special Needs Trusts
An integral part of this trust will be the trustee. The trustee is the person in charge of using and dispersing the money. He or she will take care of investing it, paying bills for the special needs individual and ensuring that his or her basic needs are met. The trustee will ensure that money from the trust goes directly into the hands of the companies that need to be paid rather than giving it to the special needs individual to use as he or she sees fit.
Securing Future Finances in Long Beach
Long Beach special needs trusts have numerous benefits. Their main benefit is ensuring that special needs individuals can continue to receive government benefits, such as supplemental income. This benefit is only given to those who have assets totaling less than $2,000. Another benefit is that the individual can depend on the trustee to pay bills and work with the money. Finally, these trusts are designed to pay for the special needs of the individual, which could include specialized education or medical care.