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Special needs planning in Massachusetts has gained enough importance these days. Let us not beat around the bush rather come to the point directly. Basically parents of children with special needs often face unique and sometimes face troubling obstacles when attempting to plan financial aspects for the future. In most of the cases, these parents rely on the supplemental security income (SSI) benefits through the social security administration, which typically helps you in paying for the treatments and other array of special needs programs. This is exactly where the whole process of special needs planning in Massachusetts plays its part. That’s right; while estate planning in Massachusetts or asset planning typically establishes one of the most important factors and that is – what happens to your home, your investments, your business, life insurance, employee benefits and other tangible & intangible assets after you are gone or become disabled to decide for it. Possibly you know this, making a living will for the maximum estate protection in Massachusetts and asset protection is of immense importance. And if you are facing the dilemma with the planning for your child’s financial future then think beyond the four walls of tradition and give your family and children something extra; something that can protect them better. Well, the specific aim and goal of an effective financial plan for a special needs child is to offer funds for living without limiting the child's access to available benefits. And the Special Needs Trust in MA thus helps parents accomplish this goal. The development of this trust arose because of the need for a vehicle that would enable parents to deal with various governmental restrictions on the main factor and that is how it disburses benefits. The planning is however based on Social Security Administration guidelines which permit payment for certain services without negatively affecting SSI benefits or eligibility status. As with most trusts in Massachusetts the Special Needs Trust requires four essential elements: 1. A corpus (the money or assets)
2. A beneficiary (the special needs child)
3. A trustee who distributes the funds and has discretion over such disbursements
4. A purpose, often set out in the trust document With a living will in Massachusetts in place you can actually ensure that you loved one will get the things that you want them to have and with the Special Needs Planning in Massachusetts you can secure the special child’s need better.
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Will - Simple in Massachusetts, Will - Complex in Massachusetts, Wealth Strategies in Massachusetts, Trust Litigation in Massachusetts,
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