Contact Walk-In Wills today for help with will and trust creation, probate, long-term care planning, and other essential estate planning needs.
While fulfilling, caring for a disabled family member also comes with a lot of stress. Specifically, you may be concerned about how your loved one will care for themselves after you’re gone.
In this case, estate planning can ensure that your relative has the necessary funding to cover daily living expenses with a third party trust. Proudly serving clients throughout Mesa, AZ, our team at Walk-In Wills will provide greater insight into the trust creation process and how it can benefit you and your family.
Third party trusts are a type of special needs trust that ensures a disabled person has access to essential funds after their primary caregiver dies. These trusts contain funds from third parties, e.g., caregivers, family members, friends, and charitable organizations.
Trusts are established during the caregiver’s lifetime and contributions are continuously made. Trusts can contain all sorts of assets, such as property, life insurance policies, financial accounts, and many others. These funds are essential for the disabled person to cover daily living expenses after their caregiver is gone.
Many disabled people receive supplemental benefits since they’re unable to earn an income. These benefits often come with thresholds that limit how many assets a person can own. Trusts offer a key benefit, in this case, as the disabled person never actually owns the assets held by the trust.
In many instances, ownership of assets held by the trust passes to another party after the original caregiver dies. That means the disabled person will retain access to additional funds without concerns about losing their supplemental income or insurance.
If you care for a disabled loved one and are concerned about their future after you’re gone, trust planning can offer substantial peace of mind. We encourage residents of Mesa, as well as people in surrounding areas such as Apache Junction and Scottsdale, to contact Walk-In Wills for more information.
