Tag Archives: special needs trust
Funding a Special Needs Trust With a Structured Settlement
If you win a personal injury lawsuit, you may receive your award in a lump sum or as a structured settlement. With a structured settlement, you will receive payments over time; you may opt for a substantial initial amount, with lesser succeeding payments to provide for lost income. These periodic payments don’t count for… Read More »
Who Should Be the Trustee of a Third-Party Special Needs Trust?
Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a supplemental needs trust, a… Read More »
SECURE Act 2.0: Impact on Special Needs Trusts
A special needs trust (SNT), or a supplemental needs trust, is a legal entity that helps individuals of any age with disabilities maintain their eligibility for government benefits and receive additional financial support. Under the SSA expenditure rules, an SNT can provide additional monies to enhance the beneficiary’s lifestyle while maintaining Medicaid or Supplemental… Read More »
Does Disinheriting Your Special Needs Child Protect Their Government Benefits?
Families with special needs children face unique challenges and opportunities to protect their children’s futures. Providing appropriate medical, educational, recreational, and employment opportunities for your special needs child can result in a lifetime of pursuing public and private programs and services. Too often, the parents or persons responsible for financial and medical management of… Read More »
Choosing a Special Needs Trustee
When creating a special needs trust (SNT) for a loved one with a disability, the grantor (the individual creating and funding the trust) typically becomes the trustee. However, it is crucial to choose a successor trustee who will continue properly managing the SNT to benefit the special needs individual. When selecting a reliable, honest,… Read More »
Funding Options for Special Needs Trusts
It is crucial to properly fund special needs trusts (SNT’s), designating your trust as the owner of certain assets. The trustee can then distribute these assets to benefit your disabled loved one. Before funding can happen, you must choose the type of trust that best suits the situation for your love one with special… Read More »
March is Developmental Disability Awareness Month
In March of 1987, the Developmental Disabilities Awareness Month began, calling upon all Americans to provide the opportunities and encouragement necessary for people with developmental disabilities to reach their potential. Since then, the National Association of Councils on Developmental Disabilities (NACDD) holds a campaign each March to communicate the importance of inclusion and story… Read More »
Third-Party Supplemental Needs Trust
If you want to provide for a loved one who is disabled or has special needs when you are no longer here, care must be taken to ensure that the inheritance you leave will help rather than harm your loved one. An inheritance received outright could negatively impact your loved one if he or… Read More »
3 Common Mistakes When Planning for a Disabled Family Member
There are 58 million Americans five years of age or older that are identified as special needs, making them the largest single minority in this country. The majority of federal and state benefits available to help persons with disabilities are needs-based, meaning income and assets are strictly limited and can often by misinterpreted, resulting in costly… Read More »
