What are special needs trusts?

Published On: 02/02/2018

In general trusts are created to manage assets and special needs trusts are specifically designed to address situations faced by those who are disabled or mentally ill. Since the beneficiaries of these special needs trusts lack the capacity to manage their own finances and affairs, a trust is created to assist in managing their assets and protecting their government assistance.  The trustee, or person who manages the trust for the benefit of the beneficiary, may be a trustworthy family member or it may be a neutral third party appointed by the court.

There are two primary objectives with a special needs trust and those are first, to manage finances and second to obtain government assistance for which the beneficiary may qualify.

Since both Medicaid and Supplemental  Security Income (SSI) have strict requirements in regards to income and assets, a special needs trust can help the beneficiary qualify for these services. An experienced attorney can provide a more thorough evaluation based on your particular facts.

To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.

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Post Author

Britt Stouffer

Britt L. Stouffer is a Maryland attorney experienced in Estates, Trusts, and Elder Law. With over 10 years of experience in Estates and Trusts, she has learned to appreciate how unique each client truly is. On a typical day, you will find her working on Wills, Revocable Living Trusts, Powers of Attorney, Advance Medical Directives, Tax Planning cases, Estate Administration filings, Petitions for Guardianships, Special Needs Planning, and Asset Protection.

658 Kenilworth Dr., Ste. 203, Towson, MD 21204

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