What is a first party special needs trust?

What is a first party special needs trust?

Home ยป What is a first party special needs trust?

A first party special needs trust is also known as a payback trust. A first party is a type of trust that allows assets of a disabled person, who maybe receiving SSI benefits or Medicaid benefits, they can actually put their assets from an injury award or maybe a direct inheritance into this first party special needs trust. By placing those assets into these types of trusts, they continue to receive their benefits from SSI and Medicaid without having to lose those benefits or suffer any type of disqualification from those eligibilities.