Can a Special Needs Trust Help Your Client?
A Special Needs Trust is a legal contract under Federal law, in which someone (trustee) agrees to hold assets (money and/or property) for the benefit of a disabled individual. This type of trust provides people living with a disability with resources that can be used to pay for special or supplemental needs while preserving his or her eligibility for government benefits, particularly Supplemental Security Income (SSI) and Medicaid. Trust funds can be used for medications, non-essential medical care, comfort services, companion services, entertainment, electronic equipment and personal care services without risking the loss of government benefits.
Your client may be a good candidate for a Special Needs Trust if he/she is disabled and has experienced any of the following:
Financial Windfall — Inheritances and gifts can jeopardize eligibility for government benefits, forcing the person living with a disability to use the newly acquired assets to finance all needed health-related and living expenses.
Divorce — Assets received in divorce settlements can disqualify a person living with a disability from government benefits.
Personal Injury Settlements — Many people live with a disability caused by an accident or injury. A personal injury settlement may disqualify a person living with a disability from government assistance.
Selecting a Professional Trustee
Providing Peace of Mind
With properly designed trusts, clients receive the peace of mind that comes from knowing that their assets are safe and loved ones are provided for.
They also receive:
The ability to set aside funds for a disabled child
A secure and comfortable lifestyle for people living with a disability
Less burden on other family members
Protection for inheritances and personal injury settlements
The ability (in certain situations) to leave assets to other family members upon the beneficiary’s death
“Each and every one of the Vista Points staff have been available to answer my questions and address my concerns. They are always available to advise me. I am one of the fortunate ones to have the TrueLink credit card associated with my trust so that I can make qualified purchases on my own.”-R. Nichols
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.