Your Challenge
People with disabilities are only able to receive government benefits if they stay, essentially under the poverty line. SSI limits single recipients to $2,000 in countable resources. Going over this $2,000 cap can result in reduced monthly checks or loss of benefits.
“Who will take care of my child when I’m gone?” is a question that keeps many parents of children with Special Needs up at night, especially in an expensive area like Southern California where government benefits might not be enough to get by. How can you make sure your loved one is taken care of while still preserving their essential benefits?
Our Solution
Plan ahead and set up a 3rd Party Special Needs Trust for the benefit of your family member, allowing them to keep their government benefits while they legally also have funds from you, other family members, GoFundMes, and more. They can also be Future-Funded years after you establish the Trust, with funds coming from life insurance or money from your estate.
Legally, funds in a Special Needs Trust are owned by the Trust itself and not the beneficiary with a disability. They are overseen by our JLA Trustee to ensure that funds are spent for the best benefit of your loved one.
A Special Needs Trust…
- …is a financial instrument to insure that a person with a disability is either able to become eligible for or keep eligibility for vital government benefits.
- …is the legal “owner” of the funds put into it. The trust is overseen by our JLA Trustee to ensure they are spent for the best benefit of your loved one.
- …can be future-funded: you don’t need to come up with thousands of dollars to put into the trust now. Trusts can be funded much later, with life insurance funds or money from your estate.
- …can be spent on necessities like food and caregiving services and other medical expenses, but also on expenses like vacations, electronics, and clothes.
- …involves a spending plan. Our customer service team works with your loved one to set up a reasonable budget for their lifestyle. Part of our responsibility is making sure the funds you put in the Trust last as long as they are needed.
- …is irrevocable. This means that any funds you put into the trust stay in the trust and cannot be taken out and recombined with other money you have (even if the beneficiary chooses to stop receiving government benefits). It’s important to find an organization and Trustee you trust to take care of your loved one.