What is a special needs trust?
It’s a vehicle that can provide life enhancing services for an individual that has special needs while still allowing them to remain eligible for government benefits.
A special needs trust, also known as a supplemental needs trust, is a specialized trust that provides disabled beneficiaries with the opportunity to enjoy the use of property that is held in the trust for his or her benefit, while also allowing the beneficiary to receive essential needs-based government benefits at the same time.
A Special Needs Trust (SNT) is a special type of irrevocable trust that can be used for minors, beneficiaries with disabilities (either mentally or physically challenged), and as a method of asset protection.
They are usually used to receive an inheritance or personal injury settlement on behalf of a disabled person, or a minor and are found from the proceeds of compensation for litigation, criminal injuries or insurance settlements.
Special needs trusts are usually set up under the watch of a “structured settlement planner” in line with a qualified legal and financial team to ensure the trust is appropriately set up.
At Walser Law, we help to protect any inheritance or gift you would like to leave that disabled person, while still allowing them to remain eligible for their government benefits.