Physical or Intellectual Disabilities
Individuals with special needs, such as physical or intellectual disabilities, face “quality of life” challenges which can necessitate added expenses to meet those special needs. These added expenses may lead to a dependence on public benefits. Often, these benefits fail to meet all of such special or supplemental needs.
Third Party Special Needs Trusts are specifically identified to meet certain supplemental needs to enhance the beneficiary’s quality of life and provide peace of mind.
Funding the Trust
A Special Needs Trust is funded with money from parents, a family member, friends, etc. for the benefit of the person living with a physical or intellectual disability. Money in this type of trust can be used to pay for supplemental needs not covered by public benefits.
The trust funds, in the Third Party Special Needs Trust, are used for the beneficiary’s special or supplemental needs which are not covered by government benefits. When doing so, the trustee must carefully abide by trust requirements. For example, trust funds cannot be used for anything that would make the beneficiary ineligible for government benefits, such as cash gifts. The trustee may use trust funds for many other things including classes, hobbies, luxury items, personal services, furniture, professional fees, computer equipment, pet supplies, transportation, and vacations. The beneficiary never owns the property in the trust and does not have direct access to trust funds.
There is no limit as to the amount of money that can be placed in a Special Needs Trust.
No money belonging to the beneficiary may be added to a Third Party Special Needs Trust.
Choose a Professional Trustee
By choosing Vista Points, Inc. to serve as trustee, there is assurance of the trustee’s ability to be perceptive to the beneficiary’s special needs, such as:
Sensitively navigating issues surrounding the beneficiary’s disability
Actively monitoring any provided services
Diligently advocating for all qualified public benefits
Prudently investing of special needs trust funds
Timely reporting of the trust’s financial accounting