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Special Needs Trust

THIRD PARTY SPECIAL NEEDS TRUSTS

WHAT is a Third Party Special Needs Trust?

A Third Party Special Needs Trust is the answer for parents who are concerned about providing a better standard of living for their child who will be eligible for needs-based public assistance as an adult.

WHO Might Need a Third Party Special Needs Trust?

You expect that your child will need some sort of public assistance as an adult, such as area agency services, Medicaid, or SSI.

WHY Might You Need a Third Party Special Needs Trust?

A Third Party Special Needs Trust can enable your child to have a higher standard of living than he would have as an adult who receives SSI, Medicaid, or other needs-based programs because assets held in a Third Party Special Needs Trust are not counted in determining whether your child will receive benefits under these needs-based programs. In contrast, if you give your child money outright, or if your child receives an inheritance under a will, the sum will count, potentially making him lose eligibility for public benefits that have strict income and resource limits.

WHEN are Third Party Special Needs Trusts created?

Third Party Special Needs Trust should be created while the parent or other relative is still alive. They can be created by will or as stand-alone documents.

WHAT can a Third Party Special Needs Trust pay for?

A Third party Special Needs Trust may pay for items such as education, transportation, entertainment, work-related expenses and travel.
Disclaimer: The information on this page is general information and not meant to represent legal advice for your particular situation. For legal advice, please contact an attorney who can discuss your particular situation and needs.