Someone who receives government benefits must continuously meet the government’s eligibility criteria to keep their status. However, what happens when someone who is disabled or who has special needs receives a lump sum of money that puts them outside of the government’s eligibility?
Typically, a loved one creates a special needs trust that helps the person safely store their money while maintaining eligibility for government benefits. Today, Legacy Enhancement Trust will share with you why those with special needs or disability should put their funds in a pooled special needs trust.
Why a Pooled Special Needs Trust?
1. Less Work for Loved Ones
In a typical special needs trust, a family member will have to manage the trust on behalf of the beneficiary, a position known as the trustee. The trustee must be financially savvy enough to maintain and correctly execute the trust on the beneficiary’s behalf. This is a lot of work for a single person!
However, at Legacy Enhancement Trust, our highly skilled trust managers will ensure that your loved one’s money is handled correctly. No one in your family will have to take on the job of managing money, and you can rest easy knowing your loved one’s assets are in good hands.
2. Practice Makes Perfect
Managing a trust is no simple task, and there’s a lot of extra paperwork to do with special needs trusts because they directly impact Medicaid and SSI benefits. Unfortunately, one small miscalculation on the trustee’s part can make a loved one lose their benefits.
However, with a pooled special needs trust, the trust’s manager will be experienced in every aspect of special needs trust management.
Your loved one’s trust manager will be:
- Knowledgeable about various income and asset-related agency rules;
- Capable of working with Medicaid and SSI on your behalf;
- Attentive to the unique needs of their account’s beneficiary;
- Dedicated to easing the financial responsibility of beneficiaries.
3. Free Consultations
Legacy Enhancement Trusts offers free consultations for all potential clients. That means your one phone call away from peace of mind for your loved one’s special needs trust!
Call (888) 988-5503 now for a free consultation concerning special needs trusts.