What is a Special Needs Trust

A Special Needs Trust is a type of Estate planning tool that will allow your loved one to continue collecting State or Federal benefits, if drafted and administered correctly.

Who could benefit from this type of trust

If your loved one has a disability or chronic health condition a Special Needs Trust (SNT) will allow preservation of the assets held in trust, while helping to enhance their quality of life by providing necessities that State or Federal benefits do not cover.

If you plan to leave inheritance to a beneficiary who is disabled and collecting government benefits, such as SSI or Medicaid, then this is a great tool to utilize so that their benefits are protected, while receiving additional support from the Trust or Estate Inheritance.

If you or your loved one have been injured and will be collecting a settlement, but will also need State or Federal Benefits, then this is also a wonderful way to continue to qualify for these types of benefits while receiving extra support from the Trust.

Proper management of a Special Needs Trust is critical in maintaining your loved one’s benefits. You will want to make sure the Trust is following State and Federal rules and regulations. Therefore, disclosures must be sent to out to the benefit agencies as soon as the Trust is funded. Updates must be provided if a change occurs, and renewals are completed annually. Establishing and maintaining a budget is of the utmost importance. Keeping Good Records such as Receipts and Invoices for transparency purposes is imperative when dealing with State or Federal Benefits.

Building a relationship with your client and making sure they are advocated for is how a Special Needs Trust Protector can help when a beneficiary is in need. We can complete all the forms need for you to maintain your government benefits. Meanwhile, the Trust can allow you additional support for expenses that State or Government benefits cannot supply. Consult with an expert like, Theresa for more information.