Loving families with special needs often worry about how disabled members of their household will be cared for when they pass away. Most households want to leave an inheritance to ensure that their children or grandchildren take care of them when they are no longer here to care for them. You can also get ALTCS benefits of assistance & planning via online.
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The only problem is, if you leave an inheritance to a family member with particular needs, you could disqualify them from obtaining government benefits. To prevent this from happening, it is ideal to set an expectation of particular needs in Michigan.
Michigan Special Needs Trust
A Michigan Unique Needs Trust is a kind of irrevocable trust that can be established to benefit a disabled family member. The inventor of the trust, also known as the settlor, finances the trust with cash and resources that you would like to use to care for your disabled loved one.
The beneficiary is his special needs in relation to the trust to benefit. In order to maintain their benefits, the family member with specific needs may not be entitled to cash. Because of this, there has to be a person to distribute the cash to your beneficiary. This person is known as a trustee.
The trustee is the person responsible for managing the trust and the resources it contains. The trustee will also be the man who will make distributions from the trust to cover costs on behalf of the beneficiary so that the beneficiary does not lose their government assistance.