Special Needs Trusts
What is a Special Needs Trust?
If you have a special needs child, a “testamentary” special needs trust allows you to provide for your child’s future if you cannot be there yourself.
The testamentary special needs trust allows you to pick a responsible financial manager (trustee) in advance to care for your child’s future monetary needs, should something happen to you. Because government assistance programs for special needs children and adults may have strict income and asset limits, the special needs trust is designed to care for your child financially without jeopardizing his or her government benefits.
A “Self Settled” special needs trust allows a special needs child to accept current money from such sources as an accident award, insurance payment, inheritance, or other financial benefit, without negatively affecting his or her government benefits.