Key Takeaways Special needs trusts are a vital tool for protecting eligibility for essential government benefits such as SSI and Medicaid. Additionally, they offer long-term financial security to individuals living with disabilities. Three main types of special needs trusts. These trusts include first-party, third-party, and pooled trusts, each with different funding sources, rules, and [...]
Key Takeaways Special needs trusts are the cornerstone of eligibility protection for means-tested federal government benefits such as SSI and Medicaid. Most importantly, they enable beneficiaries to get more support than what covers their basic needs. Getting the legal details right is essential to not put government assistance at risk. Proper special needs trust [...]
Key Takeaways First-party special needs trusts are funded with the beneficiary’s resources, such as personal injury settlements or inheritances. Third-party trusts are funded by family members or other benefactors. Whether to use a first-party or third-party trust. It is an essential tool for maintaining eligibility for important government benefits, such as Medicaid and Supplemental [...]