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