Special needs trusts are built to safeguard and structure money so that it does not jeopardize or interfere with government benefits. Special needs trusts are an important tool we used to protect your assets and ensure they survive well into the future.
Supplemental needs trusts work by requiring that governmental payments are the primary source of support for the beneficiary. The trustee of a supplemental needs trust is directed to make distributions only to “supplement” those benefits that are provided by public programs. While the permissible distributions depend on what types of public benefits are being received, generally a supplemental needs trust may make distributions for the beneficiary’s education, recreation, counseling, and supplemental medical services.
Special needs trusts work by regulating the way in which a beneficiary is able to access the trust. This will prevent the beneficiary from receiving large sums of money that could jeopardize governmental benefits.
Special needs trusts require planning and consideration for multiple scenarios. An experienced estate planning attorney can help plan for multiple scenarios, and structure a trust to protect your loved one’s financial future.