Third Party SNTs are funded by someone other than the disabled beneficiary, usually the parents or grandparents of the individual. Beneficiary designations of wills and life insurance policies can often point the desired share to the SNT for the benefit…
How much can be put into a Special Needs Trust?
There is no minimum or maximum amount that can be added to a SNT. The cost of establishing a trust should be taken into consideration for very small amounts. A trust can be created at any time even if the…
What is a Supplemental Needs Trust?
A Supplemental Needs Trust is another name for a Special Needs Trust. A special needs trusts “supplements” the needs of the individual beyond the benefits the government provides.
How does a Special Needs Trust protect government benefits?
In a properly drafted Special Needs Trust, assets contained in the Trust are not considered countable assets for the purposes of qualifying for certain government benefits, such as SSI and Medicaid. This would allow the disabled child or adult to…
What is the maximum amount of countable resources that a person with a disability can own and still qualify for SSI and Medicaid?
$2,000 for an individual.
Why is a Special Needs Trust Important ?
As adults, it may be difficult for someone with a challenging disability to maintain employment on a regular basis. These individuals may need to rely on SSI (a monthly cash benefit) and Medicaid (a healthcare benefit) as they will be…
What is a Special Needs Trust?
A Special Needs Trust is a legally binding document which enables a beneficiary with a disability to have a better quality of life yet still qualify for important government benefits.