Arizona special needs financial planning is a critical component of any Arizona special needs plan. To begin with, there are the obvious expenses that you will have to account for when establishing such a plan. If the person with special needs requires special equipment, special education costs, or special medical costs that are not covered by Medicaid, you should consider all of these expenses when planning. Further, if the person with special needs has unique likes and interests, you should account for the costs of such activities when creating the plan.
Arizona special needs financial planning should not end with simply budgeting for the costs and expenses of caring for the individual with special needs. Rather, Arizona special needs financial planning should go on to plan for the future. Particularly if the individual for whom you are planning will require special attention for the remainder of his or her life, you should devote some attention to how this person will be provided for after you are gone.
By establishing a special needs trust, you can see to it that some of the plans that you implement now will be carried out even after you are gone, while also accomplishing another very important objective. A special needs trusts has the primary purpose of allowing a person with special needs to remain eligible for public benefits, while also allowing that person to receive supplemental resources from the trust to improve his or her quality of life. As such, a special needs trust allows you to leave your loved one with special needs an inheritance, without causing him or her to lose eligibility for ALTCS or SSI.
While special needs trusts must contain specific provisions that limit certain types of expenditures, you also have some flexibility when establishing such a trust. For instance, if you know that the trust beneficiary has certain likes or interests, you can specify that the trust funds be used for those things, and the trust administrator will be required to use the funds accordingly. So long as your trust instructions do not violate the rules that regulate special needs trusts, you can include any valid instruction that you deem fit in a special needs trust.
Arizona special needs financial planning is a very involved process, particularly when it includes trust drafting. Arizona special needs plans should only be created by qualified attorneys who fully understand Arizona special needs trusts. To speak with a special needs trust attorney about Arizona special needs financial planning, call JacksonWhite or fill out a consultation form.