Estate Planning for People with Disabilities - The Special Needs
Trust What is a trust? A trust is a legal document that directs
the management and distribution of assets. Many people with
disabilities benefit from trusts because they provide financial
resources without compromising eligibility for public benefits.
The person or entity creating or funding the trust is the
grantor. The person who receives the benefit, or on whose behalf
the trust is created, is the beneficiary. The grantor appoints a
trustee which can be a person(s) or an entity such as a bank to
manage the trust and distribute the trust’s assets/funds for the
benefit of the beneficiary. Special Needs Trust A special needs
trust, sometimes called a supplemental needs trust, provides
financial resources for people with disabilities. By
establishing a special needs trust, financial assets are
preserved and protected and those assets are not counted against
the individual in determining eligibility for public benefits
like Supplemental Security I