Special needs trusts help ensure the financial security and well-being of a person who lives with a disability. They can be made by the beneficiary themselves—also known as a first-party special needs trust—or they can be made for the beneficiary by a close relative—also known as a third-party special needs trust.
Learn what a special needs trust may be used for once it is active.
Understanding Special Needs Trusts
Third-party special needs trusts are often set up as a part of the trustee’s estate plan, and aids the beneficiary while the trustee is still alive and after they pass away. Special needs trusts provide financial security for a beneficiary who expects to have expensive medical treatment, rehabilitative care, and special dietary needs throughout their lifetime. The funds in a special needs trust ensure the beneficiary receives the care they need without having to worry about the cost.
Special needs trusts also have the following benefits:
Funds in a third-party special needs trust can be used for virtually anything the beneficiary needs.
A third-party special needs trust will not impact a beneficiary’s eligibility for government benefits.
The government has no claim to assets in a third-party special needs trust, such as reimbursement for Medicaid payments.
There is no age limit for third-party special needs trusts.
If you would like to establish a special needs trust for a loved one who lives with a disability, our team at Legacy Enhancement Trust is here to help. We offer the same services as large financial corporations, but we provide a level of tailored service those corporations cannot match.
Contact us today at (888) 988-5503 to learn how we can assist you.