What Is A Special Needs Trust?
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Transcript of What Is A Special Needs Trust?
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WHAT IS A SPECIAL NEEDS TRUST?
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UniqueINDIVIDUALS
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Your inheritance list is made up of unique individuals
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Each person has different needs
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The best way to provide for one person may not be appropriate for another
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WITH SPECIAL NEEDS
People
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Many people with disabilities are enrolled in government
benefit programs
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These would include Medicaid and Supplemental Security
Income
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Medicaid may pay for care and treatment that could cost millions of dollars over the
course of a lifetime
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EligibilityBenefit
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Eligibility for these government benefits is based on financial
need
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People with significant assets cannot qualify
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If you were eligible, your eligibility could be lost if you were to come
into a good bit of money
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ConsequencesNegative
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If you were to leave a benefit recipient a significant direct inheritance, his or her
financial status would improve dramatically
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This change in financial status could result in a loss of much-needed government benefits
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SpecialNEEDS TRUST
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This type of situation can be addressed through the creation
of a special needs trust
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You can make the person in question the beneficiary of the
trust
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When you are drawing up the trust, you name a trustee to
administer the trust
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SUPPLEMENTAL NEEDS
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The trustee can use the assets in the trust to provide for the
supplemental needs of the beneficiary
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These would be needs that the government benefits do not
cover
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The expenditures are allowed
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Benefit eligibility would not be impacted
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LEARN MORE ABOUT SPECIAL NEEDS
PLANNING
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We have provided some basic information in this presentation
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If you would like to learn more about special needs planning, contact our firm to schedule a
free consultation
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organizeyourassets.com