WHAT IS
Special Needs Trusts are legal arrangements designed to provide financial support for individuals with disabilities while preserving their eligibility for government benefits, such as Supplemental Security Income (SSI) and Medicaid.
KEY FEATURES
- Supplemental Asset: They allow individuals with disabilities to accumulate assets beyond the resource limits imposed by government benefit programs without affecting their eligibility.
- Beneficiary’s Best Interests: The trust must be managed in the best interests of the beneficiary, with a focus on providing for their needs and well-being.
- Third-Party Trustee: A third-party trustee, such as a bank or trust company, is typically appointed to manage the trust.
- Flexible Use of Funds: The trust funds can be used for a variety of purposes, including housing, education, healthcare, transportation, and daily living expenses.
TYPES OF SPECIAL NEEDS TRUSTS
- Pooled Trust: A pooled trust is a charitable trust that combines the assets of multiple beneficiaries. It offers professional management and economies of scale.
- Individual Special Needs Trust: This type of trust is established solely for the benefit of one individual with disabilities.
HOW WE HELP
We help you pick the special needs trust that is more adapted to your particular needs while making the paperwork process smooth. Our goal is to do what’s best for our clients