Henson Trusts allow support to be provided to adult children who are unable to achieve financial independence due to a disability, mental illness or another issue. Currently many individuals who live with a serious mental illness like schizophrenia receive Ontario Disability Support Plan (ODSP) income, which helps with many associated costs, including medication. However, ODSP income has limitations associated with it, including that a person cannot have more than $40,000 in assets. If a person on ODSP income inherits money, there is a risk they could lose some or all of their ODSP income. This can be especially tricky when the inheritance might be enough to disqualify a recipient from ODSP income, but too small to provide security for all the individual’s future needs.
A Henson Trust can provide protection from this scenario and reassurance that a dependent adult’s needs will be protected into the future.
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For more information on Henson Trusts please contact Ask the Expert at 1-855-449-9949 or email