Special Needs Trust: What are our options?

If you want to support a family member with a disability, a Special Needs Trust is a smart way to do it. These trusts are designed to meet their financial needs without putting their government benefits at risk, like Medicaid or Supplemental Security Income (SSI). 

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Without proper planning, a disabled person who receives an inheritance or gift could lost their benefits and be forced to go through court. A Special Needs Trust helps prevent that. 

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Types of Special Needs Trusts:

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• First-Party Trust – This type of trust is funded with the disabled person's own money, for example, from an injury settlement or inheritance. It must be set up by the individual (if competent), a parent, grandparent, guardian, or the court, and the person must be under age 65 when it's created. 
   

• Third-Party Trust – This trust is funded by someone else's money, like a parent or grandparent, and is meant for the benefit of the person with a disability. The disabled individual cannot set up this type of trust themselves. 
   

• Pooled Trust – This trust combines funds from many people with disabilities into one investment pool. A nonprofit organization manages the funds and handles the paperwork. It's often a good option when there's no family member available to serve as trustee. 
   

Our attorneys understand the legal details of Special Needs Trusts and can make sure everything is done the right way to protect your loved one's future. 

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Contact us today via email at info@quinnestatelaw.com or via phone at 636-394-7242 to schedule a free one-hour consultation and see how we can help support your family's goals.