3 Steps to Setting Up a Special Needs Trust

Young boy with special needs holds and smiles at a teddy bear with his father behind him

Several reasons exist to create a special needs trust, but some people may not be aware of how to start the process. It’s vital to recognize the most effective ways to get started with a special needs trust. Below, we’ll explain the three steps you should take to get started and how our team can help you throughout the entire process.

1. Understand the Need for a Special Needs Trust

Before you set up a special needs trust, it’s vital to recognize the reasons behind doing so. Each person will have varying reasons to establish a special needs trust, such as the following:

  • Providing supplemental income and benefits to a loved one with special needs
  • Ensuring benefits that don’t diminish government aid
  • Preserving benefits while enhancing a special needs individual’s life
  • Designating how assets will be used

For most, the biggest reason to establish a special needs trust is to protect assets while also allowing the beneficiary to receive benefits from government aid programs.

2. Pick the Right Type of Special Needs Trust

Special needs trusts come in many forms. Choosing the right one for your situation is crucial. Here are the special needs trusts with which we can help:

  • Third-party special needs trusts (One established by a third party on behalf of someone with special needs)
  • First-party special needs trusts (One established by the individual with special needs)
  • Pooled special needs trusts (One established by a non-profit organization rather than a single trustee)

3. Contact Legacy Enhancement Trust to Discover Your Options

While you want to ensure you are taking the right steps to set up an effective special needs trust, working with the right team can give you peace of mind. At Legacy Enhancement Trust, we work to help you develop a plan that suits your needs. Our team is ready to help you throughout the entire process.

Call us today at (888) 988-5503 or contact us online to find out how we can assist you.

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