Special Needs Trusts

If you have a loved one with special needs, you may have a strong desire to provide them assistance in any way you can. However, you may not be able to lend that assistance as easily as you would like due to our laws.
In some cases, giving someone a substantial financial gift could end up making them ineligible for their public benefits or governmental programs.

Such a dilemma can be challenging, but there is a way to work around it. The solution could be to create a special needs trust.

What Is a Special Needs Trust?

Special Needs Trusts (also known as supplemental needs trusts) allow a disabled individual to receive gifts, lawsuit settlements, or other funds and yet not lose their eligibility for certain government programs. Such trusts are drafted so that the funds will not be considered to belong to the disabled person in determining eligibility for public benefits. Special Needs Trusts are designed to pay for comforts and luxuries that are not available from public assistance to provide basic support. These trusts typically pay for things like education, recreation, counseling, and medical attention beyond the simple necessities of life.

Creating a special needs trust can be a difficult and time-consuming undertaking. Given the stakes involved, you cannot afford to make a mistake while setting it up or in administering it.

Contact us today if you’re interested in setting up a special needs trust. Our extensive experience in asset management and long-term care makes it easier for us to craft the exact arrangements that our clients need.