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Caring for a loved one with a disability involves more than meeting daily needs—it means planning thoughtfully for their long-term financial security and well-being. For families looking to provide additional support without jeopardizing access to essential government benefits like Medicaid or Supplemental Security Income (SSI), a Special Needs Trust (SNT) offers a powerful solution.
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Families often seek to provide for loved ones with disabilities without jeopardizing their eligibility for essential government benefits. One powerful tool in this arena is the Special Needs Trust (SNT). Let's explore the basics of this important legal instrument.
A Special Needs Trust is a specialized legal arrangement designed to supplement, not replace, the government benefits received by individuals with disabilities. It allows families to set aside funds for their loved one's care while maintaining their eligibility for programs like Medicaid and Supplemental Security Income (SSI).
There are two major types of special needs trust:
1. First-Party SNT: Funded with the beneficiary's own assets, often from a personal injury settlement or inheritance.
2. Third-Party SNT: Established and funded by someone other than the beneficiary, typically parents or grandparents.
These trusts may be standalone trusts managed by a Trustee, or a pooled trust, which is Managed by a nonprofit organization, combining funds from multiple beneficiaries for investment purposes.
Special Needs Trusts is designed to preserve eligibility for means-tested government benefits while providing funds for quality-of-life enhancements not covered by public assistance. It also offers protection from creditors and financial exploitation and can ensure professional management of assets when needed
Careful drafting is crucial to ensure trust complies with all relevant laws and regulations. Additionally, the trustee must understand the complex rules governing permissible distributions so as to not inadvertently cause a disruption in benefits.
Establishing a Special Needs Trust requires knowledge in elder law, disability law, and public benefits regulations. An experienced elder law attorney can help you navigate this complex landscape, ensuring your loved one receives the care and support they need while preserving their essential benefits.
Remember, every situation is unique. A well-crafted Special Needs Trust can provide peace of mind and long-term security for your loved one with special needs.
