Special Needs Trust
An Important Question...
Does the uncertainty of your child’s future overwhelm you? Have you taken the necessary steps to protect his or her interests? Do you know what documents are needed to safeguard your child’s future?
Supplemental Needs (Special Needs) Trusts
Special needs trusts (also known as "supplemental needs" trusts) allow a disabled beneficiary to receive gifts, lawsuit settlements, or other funds and yet not lose his or her eligibility for certain government programs. Such trusts are drafted so that the funds will not be considered to belong to the beneficiary in determining eligibility for public benefits.
As their name implies, special needs trusts are designed not to provide basic support, but instead to pay for comforts and luxuries that could not be paid for by public assistance funds. These trusts typically pay for things like education, recreation, counseling, and medical attention beyond the simple necessities of life
Having assets in a "Special Needs Trust" paid out by a Trustee can make the difference between Poverty level existence and Quality of Life. The SNT MUST be set up PROPERLY. It is protected only if it is IRREVOCABLE. Having a Living (intervivos) SNT allows parents to contribute to the Trust before their death and provides a repository for assets from other sources.There are first-party trusts, third-party trusts, pooled trusts, as well as testamentary trusts. These trusts can be tailored to YOUR Needs. The Most Important Asset your child has is YOU.