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CAN A SPECIAL NEEDS TRUST HELP YOUR CLIENT?

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 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.

An individual may be a good candidate for a Special Needs Trust if he/she is disabled and has experienced any of the following:
Inheritances and Gifts — 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.
Lawsuit Settlement – A special needs trust can manage the lawsuit settlement and allow an individual, who is living with a physical, mental or intellectual disability to maintain or qualify for much-needed government benefits.