What is a special needs trust?

What is a special needs trust?

Home ยป What is a special needs trust?

A special needs trust is also known by the term supplemental needs trust. Usually these are trusts that can be created by a parent or someone else who is in charge of the assets that they want a special needs beneficiary to receive. A special needs trust is a perfect way of holding those assets so as not to disturb any of the benefits such as SSI or state based Medicaid programs that a beneficiary can be entitled to. In other words, a parent with a special needs child can establish a special needs trust for that child and then have the inheritance protected from any type of resource accountability or any type of spend down required for that beneficiary who is receiving these benefits.