While first-party special needs trusts receive funds by the individual with special needs, a third-party special needs trust requires funding from a loved one. With this type of trust, the same protections apply that allow the special needs individual to continue receiving government and public assistance benefits.
If you are looking for a way to support a loved one with special needs (mentally or physically disabled), a third-party special needs trust provides you with numerous benefits. Below, we’ll detail some of the most significant benefits and how this type of trust can help your loved one.
Benefits of a Third-Party Special Needs Trust
It helps to know the various ways a third-party special needs trust helps you and your loved ones. The biggest benefit is the amount of stuff you can put in the trust without it negatively impacting your loved one’s ability to receive public assistance.
Third-party special needs trusts have no size limit, so you can use it for real estate, investments, funds, and life insurance. The government cannot stake any claim into the third-party special needs trust assets and funds, making it the perfect option for those trying to fully protect their loved ones.
Get Help from True Professionals
A third-party special needs trust can be complex if you’re unsure how it works. With a professional, though, it doesn’t have to be. You can get help creating a third-party special needs trust to help your loved one now and in the future.
At Legacy Enhancement Trust, we’re committed to helping you. We will explain your options and safeguard property for your loved one. If you want help creating a third-party special needs trust, know that we’re here to help you.
Our team offers comprehensive care and affordable fees, so you don’t have to worry about what’s to come.
Call us today at (888) 988-5503 to discuss your needs.