If you want to provide for a loved one with special needs while preserving your assets and maintaining their eligibility for government benefits, a third-party special needs trust may be the answer.
Legacy Enhancement offers experienced, honest insight that applies to:
- Third-party special needs trusts
- First-party special needs trusts
- Pooled special needs trusts
- Structured settlements
- Inheritance issues
- And minor's trusts
We deliver professional and personalized trust administration services to help our clients experience the many advantages that special needs trusts have to offer. These are important, life-altering issues, which is why we offer free consultations to help you better understand your options based on your situation and goals.
Third-Party vs. First-Party or Pooled Trusts
First-party and pooled special needs trusts hold assets belonging to the person with special needs, the beneficiary. A third-party special needs trust is funded by someone other than the beneficiary, such as a family member or another loved one.
In other words, a third-party special needs trust holds assets that never belonged to the trust beneficiary. Third-party special needs trusts are often set up as a part of a donor’s estate plan, to aid the special needs individual while the donor is still alive and after he or she passes on.
What Are the Benefits of a Third-Party Special Needs Trust?
There are many benefits to be experienced with third-party special needs trusts:
- There is no limit to the size of a third-party special needs trust.
- A third-party special needs trust can be the beneficiary of a life insurance policy.
- A third-party special needs trust can own real estate or investments.
- 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 establishing third-party special needs trusts.
- Unlike first-party special needs trusts, third-party special needs trusts often do not have to be monitored by the court.
- In the event of the beneficiary's death, the assets in a third-party special needs trust can pass to the donor's other relatives.
Contact Legacy Enhancement Today
No two persons with special needs are the same. No two donors will have precisely the same financial situations and goals. Because a viable third-party special needs trust can only be established and administered by skilled professionals, you need to place your confidence in a team that has the skill and know-how to help.
With affordable fees, complete transparency, advanced trust technology, and experience with needs-based governmental assistance, we at Legacy Enhancement are prepared to deliver the help you need.
Professionally managed and invested trusts
Capable of handling trusts of all sizes
Your family member or client will be cared for, no matter the size of the trust.
Ability to help maintain needs-based governmental assistance
Low trust establishment costs and maintenance fees