Special Needs Trust

A Special Needs Trust is a legal arrangement and fiduciary relationship( someone who manages money or property for someone else) that allows a physically or mentally disabled or chronically ill person to receive income without reducing their eligibility for public assistance disability provided by Social Security. This trust is a popular strategy for those who want to help someone in need without risking that person's eligibility for programs that require their income below a certain limit. 

How does it work?

It helps cover a person’s financial needs that are not covered by public assistance payment. Proceeds from the trust are commonly used for medical expenses, caretakers, and transportation costs.

Special Needs Trusts are irrevocable and neither creditors nor the winner of a lawsuit can access funds designated for the beneficiary. 

When do the Benefits End?

The trust ends upon the death of  the beneficiary. The remainder beneficiaries  are the individuals who will receive the remaining trust assets. 

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Contact our office at Askew & Associates, P.A. by calling 954-546-2699.

*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.