A Special Needs Trust is a very specific kind of trust that offers the option of keeping someone eligible for public benefit programs while also receiving the benefit of a supplemental fund. This supplemental fund can pay for an entire range of services and goods that are not covered by public programs.
Special Needs Trusts can be established with funds that belong to the person who is receiving public benefit programs or with funds that belong to someone else such as one or more family members. Different rules will apply depending on whose funds are used to establish the Trust, but the person receiving public benefits will still receive the benefits from the Trust no matter which rules apply, so long as the Trust’s rules are followed.
There are several kinds of Special Needs Trusts with different names, but they all share the common trait of maintaining eligibility for asset-tested public benefit programs. The names that are used to describe these different kinds of Special Needs Trusts can be confusing, but they do not need to be. Just keep in mind that there are only three different kinds of Special Needs Trusts, and they are not confusing if explained in plain English.
Once you have reviewed the various Trust options, your next step is to tell us about the beneficiary and contact either an attorney or complete the Pooled Trust Joinder Form. If you need assistance or have questions please contact us through the form below or give us a call (610) 265-4700. We are happy to assist you!