SPECIAL NEEDS TRUSTS
Could Your Family Benefit From a Special Needs Trust?
Our firm develops and implements estate plans for families who can benefit from special needs or supplemental needs trusts. These types of trusts can be valuable for individuals with disabilities. If prepared and administered carefully, the trusts can allow an individual with a disability to qualify for a public assistance or benefit program while also benefiting from the use of certain trust assets.
A special needs trust (or first party trust) is created using the assets of the proposed beneficiary. A supplemental needs trust (or third party trust) is funded with assets of a person other than the proposed beneficiary. Either trust can own various assets including personal property, real estate, bank accounts, and various securities. Most often, parents or grandparents desire to establish a supplemental needs trust for their child or grandchild who has a disability. In the case of the supplemental needs trust, the assets must be irrevocable and must be for the sole benefit of the beneficiary.
Our firm can advise you and your family on various considerations relating to creating these trusts, as well as funding and disbursing the trust assets. A properly crafted special/supplemental needs trust as part of your family estate plan will provide security and a bright future for you and your family.