Setting Up a Special Needs Trust
Protecting assets while maintaining eligibility for government assistance programs like Medicaid.
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First-Party vs. Third-Party Trusts
First-party trusts hold assets belonging to the beneficiary (like an inheritance). Third-party trusts hold assets belonging to others (like parents).
Protecting Eligibility
The primary goal is to ensure the beneficiary remains eligible for Medicaid and Supplemental Security Income (SSI).
Permitted Expenses
Trust funds can pay for 'supplemental needs' not covered by government programs, such as education, recreation, or specialized equipment.
Choosing a Trustee
Selecting a reliable and competent trustee is crucial, as they manage the funds and ensure compliance with strict rules.
Legal Expertise is Essential
Setting up a SNT requires navigating complex state and federal laws. An elder law attorney is highly recommended.
Frequently Asked Questions
What is a Special Needs Trust?
A legal arrangement that holds assets for a person with a disability without those assets counting against their eligibility for means-tested benefits.
Who can establish one?
They are typically established by parents, grandparents, or the court, though individuals can sometimes establish their own (first-party trust).
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