What Is A Special Needs Trusts And Who Is It Intended For?
A special needs trust is intended for someone who would receive governmental benefits, either Medicaid and/or Social Security Disability Income. It is designed to allow that recipient to have other assets that would not disqualify the disabled person from receiving the governmental benefits.
What Is Defined As Special Needs When It Comes To These Trusts?
Special needs means that a person, whether it a child or an elderly adult, has needs of daily living that they are unable to attend to on their own without additional help from family or the community.
What Are The Benefits Of A Special Needs Trust?
The benefit of a special needs trust is that it provides resources for the support of a disabled person that governmental assistance would not take care of.
Who Can Legally Create A Special Needs Trust?
Any person can create a special needs trust to provide for a special needs person. Accordingly, a person is able to create a special needs trust for their child or elderly parent, or for any other party for whom they wanted to provide means to supplement things governmental assistance does not provide for. A special needs trust in certain circumstances, such as when monies from a lawsuit judgment are paid to a special needs person, could be created by a parent, guardian or court to hold these monies.
When Is The Special Needs Trust Terminated?
A special needs trust terminates if it runs out of assets or the special needs recipient dies. Many special needs trusts have a provision where the trust can be terminated if a person no longer needs or is no longer qualified for public assistance.
Does The Type Of Disability Affect The Structure Of The Trust?
Yes, as there are a lot of variables that go into the structure of the trust. Those include what kind of caregiver provisions there should be and what kinds of instructions are necessary for caregivers.
For more information on Special Needs Trusts, a free initial consultation is your next best step. Get the information and legal answers you’re seeking by calling 314-454-9100 ext.125 today.
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