Attorney Mary Szondy has been helping families establish special needs trusts for more than a decade. Wondering whether a special needs trust is right for your family? Contact Mary Szondy today.
What is a special needs trust?
A special needs trust is established to protect the assets of a disabled person so they can receive government benefits such as Medical Assistance or Social Security.
The assets in the special needs trust must belong to the beneficiary him or herself, such as funds from an insurance settlement or inheritance. This differentiates a special needs trust from a supplemental needs trust, wherein the assets belong to someone other than the beneficiary, such as parents or grandparents.
Who is eligible for a special needs trust?
Any person with a disability who is under the age of 65 is eligible for a special needs trust.
The trust can be established by parents, grandparents, conservators, legal guardians, the court, or the beneficiary him or herself, if they have mental capacity to do so.
What can money in a special needs trust be used for?
Special needs trusts can be used to pay for comforts and luxuries not covered under government programs.
The trust is intended to enhance the beneficiary’s quality of life.
Who administers a special needs trust?
The court determines who will be the trustee of a special needs trust. The beneficiary cannot be the trustee.