Special Needs Trusts
If you want to leave money or property to a loved one with a disability, you may benefit form an Special Needs Trust. Careful planning is needed to preserve your loved one’s ability to receive Supplemental Security Income (SSI) and Medicaid benefits.
A special needs trust allows for a disabled child or adult to preserve eligibility for assistance programs the beneficiary may be eligible to receive, such as Medicaid or Supplemental Security Income (SSI). The Special Needs Trust is set up to provide for the extra and supplemental needs of a disabled child or adult while the basic needs of the disabled person are covered by the public assistance programs.
You need expert advice from an attorney in order to set up a trust. You will need help determining what type of trust is better for your circumstances, assets and plans. You also want expert advice and guidance throughout the process so that you end up with a document that reflects your vision and achieves your goals.