Special Needs Trusts
For families caring for a loved one with a disability, special needs trusts can provide peace of mind. Special needs trusts allow the family to improve the quality of life for the loved one, without jeopardizing eligibility for government benefits. It’s best not to give money or property directly to a person who needs government assistance because if you do, that gift will almost certainly make the loved one ineligible to receive aid. Third-party special needs trusts provide a solution to that problem and they also help to ensure that the beneficiary gets as much as possible out of the family’s gift.
You must follow the rules when creating and living with special needs trusts, but if your needs are simple, you may be able to do this work without a lawyer. Read the articles below to learn more about special needs trusts, how they work, how to make one, and when to see a lawyer.
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Special Needs Trusts -- The Basics
Use a trust to leave money to a loved one with a disability -- without jeopardizing government benefits.
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If you have a loved one with special needs, you might consider setting up a special needs trust to help support that person financially after you die.
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Who Can Benefit From a Special Needs Trust?
Special needs trusts are designed to enhance the quality of life of a person with a disability by maximizing the resources available to them.
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Alternatives to a Special Needs Trust
Excerpted from Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo).
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Here's an example of what a special needs trust might look like.
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ABLE Bank Accounts for People with Special Needs
In late 2014, President Obama signed into law the Achieving a Better Life Experience (ABLE) act. The ABLE act creates a new type of bank account for certain persons with disabilities.
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How to Leave Property to a Special Needs Trust
If you create a special needs trust for a loved one, you will probably fund the trust substantially after your death.
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How Much Should You Leave in a Special Needs Trust?
Excerpted from Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo).
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Choosing a Trustee for a Special Needs Trust
Who will manage your loved one's special needs trust after you're gone?
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Using a Special Needs Trust Form
Is it okay to use a form to make a special needs trust without a lawyer?
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Special Needs Trusts: The Trustee's Job
Special Needs Trust: The Trustee's Job Learn what you'll need to do as the trustee of a special needs trust.
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How Special Needs Trust Funds Can Be Used
The person serving as trustee of the special needs trust can usually pay for anything for the person with special needs, as long as the purchase is not against public policy or illegal and does n
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Can a Special Needs Trust Pay for Food and Shelter?
If you are serving as trustee of a special needs trust, you need to know whether you can use trust funds to pay for food or shelter.
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Instead of naming a trustee to handle the special needs trust you create, you may be able to have your loved one’s inheritance managed as part of a group trust.
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Using a Medicaid Special Needs Trust When You Have Too Many Assets to Qualify
Special needs trusts, which are also sometimes called special treatment trusts or special purpose trusts, are designed to hold assets that can be used for the benefit of someone who is receiving Me
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Using Self-Settled Special Needs Trusts When You Have Too Many Assets for Medicaid
When an applicant has more resources (assets) than are allowed by Medicaid, those resources must be spent down prior to becoming eligible for Medicaid.
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Using Pooled Special Needs Trusts When You Have Too Many Assets for Medicaid
Special needs trusts can be very useful to disabled individuals who have too many assets to qualify for Medicaid.
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Special Needs Trusts: First-Party vs. Third-Party Trusts
The special needs trust you make to help loved one will not protect that person's own assets.
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Can I make a special needs trust without a lawyer?
Can I make a special needs trust without a lawyer?
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What is an irrevocable special needs trust?
What is an irrevocable special needs trust?
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What is a testamentary special needs trust?
What is a testamentary special needs trust?
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How Much Should You Leave in a Special Needs Trust?
Excerpted from Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo).
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