We know that any kind of trust can be confusing. When it comes to special needs trusts, you should know about the different types available. One of the types of trusts we can help you with is a first-party special needs trust.
A first-party special needs trust is unique, but with the right team to help you through the process, you can get the most out of your plan. Below, we’ll detail some very important aspects of a first-party special needs trust and help you understand how to move forward when getting started.
The Purpose of a First-Party Special Needs Trust
Individuals with special needs often require help from public assistance programs. They are often concerned about receiving any additional funds because they fear they will lose their eligibility to receive SSI or Medicaid benefits or assistance.
With a first-party special needs trust, you make financial management easy for your caretaker. You are able to transfer settlements into your trust without risking your eligibility to receive public assistance. The monetary funds in a first-party special needs trust do not count against you.
A first-party special needs trust allows you to protect your future if you are physically or mentally disabled, especially following some type of injury.
Why It’s Important to Have Professional Help
Managing your finances can seem difficult, especially when you consider medical expenses, dietary restrictions, nursing home care, medication, and more. You don’t want to risk losing the public assistance programs you currently receive, but certain funds can impact your eligibility. As such, it’s beneficial to work with a professional to help draft a first-party special needs trust to protect your future.
At Legacy Enhancement Trust, we’ll work with you to create a plan that suits your needs. No two situations are ever alike, so you need personalized care when creating a first-party special needs trust to ensure it covers everything you desire.
Call us at (888) 988-5503 today to discuss your needs.