Significance Of Special Needs Trust In Arizona
In the absence of a special needs trust, government benefits may be reduced or eliminated if a person with a disability inherits money or property because the person has more than the allowable amount to qualify for benefits.
Families can invest money, property, and other assets in a trust instead of handing it over to people who can't afford it. A disabled person is identified as the beneficiary of the special needs trust in Arizona and a guardian is appointed to spend money in the trust on behalf of your loved one.
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Trust funds can be used to cover expenses that exceed government benefits your loved ones receive, such as:
A Trust for Additional Needs from a First Party is an irrevocable trust that can be established for persons with disabilities under the age of 65 using the property of the person with the disability. It is most often used when a person with a disability can inherit or settle down, which will take away their stated wealth above the $2,000 limit.
The funds in the trust must be spent on behalf of the person with a disability, and the language of the trust must contain a provision that allows the state agency Medicaid to reimburse the remaining funds in the trust up to the amount spent on the person with a disability.