Do not let an inheritance, financial windfall or personal injury settlement disqualify your loved one from the public benefits needed for basic care. Special Needs Trusts safeguard your loved one’s personal assets and provide for the comforts of life that public benefits do not cover—all without jeopardizing his or her eligibility for government assistance.
Can a Special Needs Trust Help You?
A Special Needs Trust is a legal contract under Federal law, in which someone (a trustee) agrees to hold assets (money and/or property) for the benefit of a disabled individual. This type of trust provides the disabled individual 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 many items or services such as: medications, non-essential medical care, comfort services, companion services, entertainment, electronic equipment, and education without risking the loss of public benefits.
Your loved one may be a good candidate for a Special Needs Trust if he/she:
- Inherited money from a deceased friend or relative
- Received a personal injury settlement
- Was awarded assets in a divorce settlement
- Has personal financial assets
What You Realize from having a Special Needs Trust
With a properly-designed trust, you acquire the peace of mind that comes from knowing that your loved one is provided for and assets are safe. You also achieve:
- Protection for inheritances and personal injury settlements
- Continuation of your government benefits, while the trust fund pays for special or supplemental needs
- Professional management of your funds, by experienced trustees
- Less burden on your family
- The ability to set aside funds for a disabled child
- The ability (in certain situations) to leave assets to other family members, upon your loved one’s death
Without A Trust, Your Loved One Is at Risk
If your loved one does not have a Special Needs Trust to protect his or her personal assets, you are taking a big risk.
- Your loved one risks not qualifying for government assistance, thereby relying on personal assets to provide for basic care and to maintain quality of life.
- Your loved one will go through the time and aggravation of reapplying for benefits, after all personal assets are depleted.
- Your loved one risks mismanagement of assets, if you rely on non-professionals to handle his or her finances.
- Unless your advisor knows how to protect your loved one’s eligibility for government assistance programs and understands the law in your state, you are at risk.
It pays to know what your loved one and you are risking by not taking advantage of the protection offered by a Special Needs Trust. Vista Points connects you to the legal resources to set up a Special Needs Trust that meets your needs.
A Special Needs Trust helps you look out for the best interests of those in your care. Help your loved ones keep what is rightfully theirs. Let Vista Points, a nonprofit organization, show you the way. For more information, please visit the Vista Points, Inc. website at www.vistapoints.org or call 615-758-4660.