SPECIAL NEEDS TRUSTS: IMPORTANT INFORMATION FOR FAMILIES CARING FOR A LOVED ONE WITH A DISABILITY
Families caring for a child, or other family member, with special needs face many challenges and decisions. There are often critical financial decisions that need to be made for the well-being of the child and the rest of the family. Established for the sole benefit of a person with disabilities, special needs trusts, sometimes called supplemental needs trusts, can protect the assets of the person with special needs, and ensure that he or she is not disqualified from receiving public benefits, such as Medicaid or Supplemental Security Income (SSI). Special needs trusts are valuable in that they can provide for continued care, support and management, by setting aside assets -- of the beneficiary or a third party -- for the benefit of a person with special needs. This enables the person with disabilities to benefit from the trust without sacrificing public benefits. Established for the sole benefit of a person with disabilities, special needs trusts, sometimes called supplemental needs trusts, can protect the assets of the person with special needs, and ensure that he or she is not disqualified from receiving public benefits, such as Medicaid or Supplemental Security Income (SSI). Special needs trusts are valuable in that they can provide for continued care, support and management, by setting aside assets -- of the beneficiary or a third party -- for the benefit of a person with special needs.
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