Did you know that, each September, tens of thousands of prevention, treatment, and recovery programs and facilities around the country celebrate National Alcohol and Drug Addiction Recovery Month? They speak about the gains made by those in recovery and share their success stories with the community to increase awareness and further a greater understanding about the diseases of mental and substance use disorders. National Survey on Drug Use and Health reports an estimated 345,000 adolescents had a substance use disorder (SUD) and a major depressive episode in 2016. An estimated 8.5 million adults aged 18 or older had both mental illness and at least one SUD, and 3.1 million adults had co-occurring serious mental illness and an SUD in 2016.
Substance abuse takes an emotional, as well as, financial toll on a family. Costs for outpatient detox, inpatient rehab, and outpatient programs can range from $1,000 to $60,000 for a 90-day program. Medications can cost several thousand dollars a year. Year-long methadone treatment for heroin users can cost around $4,700.
An Addiction Trust can be a valuable tool for those who have loved ones struggling with addiction who still want to provide them with financial support. This type of trust can distribute funds to maintain the health, education, and welfare of the beneficiary and protect the principal assets from mismanagement. In other words, it can restrict the addicted person’s access to a large sum of money, stagger distributions for a longer period of time, and promote recovery by setting incentives for milestones.
An addiction trust can also be a vehicle to allow funds to pay for the beneficiary’s expenses for professional rehabilitation, treatment, and services. Direct disbursements to treatments keep the money away from addicted individuals. For prolonged addictions, it may be advisable to have a wholly discretionary trust and a third-party corporate trustee to manage it for the beneficiary in case of relapses.
Our office can assist you in customizing your trust to protect your loved ones with substance addiction. Please reach out to us today to schedule an appointment.