First Party
Needs Trusts

First Party Special Needs Trusts

Preserved Assets

Ensure every opportunity for a fulfilled and happy life by establishing a first party/self-settled Special Needs Trust. A first party/self-settled Special Needs Trust is funded with assets belonging to the person living with a physical or intellectual disability — the beneficiary.

A person with special needs might acquire assets though a:

– Personal Injury Award
– Retirement Plan
– Divorce Settlement
– Life Insurance Policy
– Inheritance

If a person living with a physical or intellectual disability owns any significant amount of property outright, eligibility for government benefits will be effected. Instead of owning the property outright, the person with special needs establishes a First Party Special Needs Trust and puts the property into the Trust. The Special Needs Trust, adhering to strict government rules, allows for those assets to be used to benefit the person with special needs without jeopardizing eligibility for government benefits.

Trust Requirements

The beneficiary can apply for or continue to receive government benefits and use the assets in the Special Needs Trust to pay for supplemental items or services not covered by government benefits. First party/self-settled Special Needs Trusts have special requirements, such as:

– The beneficiary is to be under the age of 65 when the trust is being established.
– A parent, grandparent, guardian or the court may establish this type of trust for the beneficiary. Only the person with the disability can be the beneficiary.
– There is a mandatory Medicaid payback provision recognized by Federal law since 1993 under 42 USC 1396p(d)(4)(A).
– Upon the death of the beneficiary, the State will be reimbursed from the remaining trust assets up to the amount of government benefits expended on behalf of the beneficiary.
– Any assets remaining in the trust after the Medicaid payback will pass according to the trust provisions.
-The First Party/Self-Settled Special Needs Trust is irrevocable.

Choose a Professional Trustee

By choosing Vista Points, Inc. to serve as trustee, you are assured 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 government benefits
– Prudently investing of special needs trust funds
– Timely reporting of the trust’s financial accounting

“Thank you so much for helping mom throughout these opportunities to enhance her home and make things so much safer for her.” -G. Bateman

Be Informed

Know what you are risking by not taking advantage of the protection offered by a Special Needs Trust. Vista Points can connect you to the resources to establish a Special Needs Trust, all with your specific and individual needs in mind.