What Are Special Needs Trusts Used For
Planning for the long-term care and financial security of a loved one with disabilities requires careful legal guidance. A special needs trust (SNT) is a powerful tool that allows a person with disabilities to receive financial support without jeopardizing eligibility for government benefits such as Supplemental Security Income (SSI) or Medicaid.
Using a Credit Card When You Have a Special Needs Trust
A special needs trust (SNT) allows you to meet your needs while receiving government benefits, such as Medicaid/MassHealth and Supplemental Security Income (SSI). When you have a special needs trust, you can use it to pay for goods and services government benefits do not cover, such as therapy, education,and housing.
Funding a Special Needs Trust with Life Insurance: The Basics
Among the many challenges for families is making sure there will always be enough money to provide lifetime care for their special needs loved one. The costs are daunting: therapies, housing, medical care, and education, to name just a few. One way to plan for this challenge is to set up a...
Trusteeship Misconceptions in a Special Needs Trust
Special Needs Trusts have two primary objectives: Fiduciary management and government benefit eligibility.
Special Needs Trusts provide fiduciary management and oversight for individuals who are unable to take direct custody of property, typically because of a cognitive limitation, lack of judgment, or susceptibility to financial manipulation.
Three Warning Signs That You May Need a Professional Trustee
Sometimes a parent or relative of a person with special needs will establish a special needs trust for their family member and decide to serve as the sole trustee of the trust. In other cases, a parent won't want to serve as trustee, but will ask a close friend or family member...
Explaining Conservatorship to Your Loved One
It can be difficult to talk with loved ones about protecting their assets or managing their financial affairs. Even if you have been assisting your loved ones with their finances for some time, it can be quite emotional and even complicated to explain that it might be time for more protection,...
Incentive Trusts: Ensuring That an Inheritance Will Be Well Spent
Many parents or grandparents with sizable amounts of money to pass on to their heirs are apprehensive about the effect it many have on their children or grandchildren. In some instances, they fear that the recipients will misspend the funds on drugs, fancy cars or failing businesses. In other cases, the...
Understanding the Common Types of Trusts
A Trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a “Trustee,” holds legal title to property for another person, called a “beneficiary.”
Trusts fall into two basic categories: Testamentary and Inter Vivos.
What Happens to Assets Left in a Special Needs Trust on the Death of the Beneficiary?
When a special needs trust beneficiary dies, the trust is typically terminated or restructured. But terminating a special needs trust is not as simple as merely writing a check to the remainder beneficiaries and calling it a day. There are several key considerations and requirements to keep in mind.
Four Questions to Help You Choose the Right Professional Trustee for Your Special Needs Trust
Parents or other family members establishing a special needs trust for their disabled family member often want to name a professional — usually a bank, trust company, attorney, certified public accountant or non-profit — as one of the trustees of the trust in order to take advantage of that individual’s experience with...