Attorney Mary Szondy has been working with families to establish supplemental needs trusts for more than a decade. Wondering whether a supplemental needs trust is right for your family? Contact Mary Szondy today.
What is the purpose of a supplemental needs trust?
A supplemental needs trust is typically established to protect the inherited assets of a minor or disabled person while also allowing them to receive government benefits such as Social Security income.
If a family does not have a supplemental needs trust set up, the disabled person inherits assets outright, and those assets can be tapped to pay for services that might otherwise have been covered through government benefits.
Who establishes a supplemental needs trust?
A supplemental needs trust is established with assets that belong to someone other than the beneficiary, such as his or her parents or grandparents.
The funds can be used for anything that supplements the beneficiary’s quality of life that is not covered under government benefits.
Who administers a supplemental needs trust?
The grantor of the trust determines who will be the trustee. In the case of parents and grandparents, they themselves can act as the trustee.
The beneficiary cannot have control over the trust.