What are Supplemental Needs Trusts?
Supplemental Needs Trusts, often known as “SNTs,” are established to provide financial assistance to individuals with disabilities without jeopardizing their eligibility for government benefits, such as Medicaid or Supplemental Security Income.
The funds from these trusts are not directly accessible by the beneficiary. Instead, they are intended to pay for expenses that go beyond what is covered by government programs, ensuring a better quality of life for the beneficiary without disqualifying them from essential benefits.
What are Special Needs Trusts?
Special Needs Trusts, commonly abbreviated as “SNTs” but distinct from Supplemental Needs Trusts, are designed primarily to manage assets for someone with a disability, ensuring they receive the care and lifestyle they deserve without compromising their entitlement to federal assistance programs.
The primary difference lies in the source of the funds; a Special Needs Trust typically contains assets belonging to the person with the disability, often received through an inheritance, lawsuit, or other means.
Why are Special & Supplemental Needs Trusts Important?
Both Special and Supplemental Needs Trusts play a pivotal role in estate planning for families with members having disabilities. These trusts ensure that a person with special needs can have access to additional funds to enhance their quality of life without endangering their access to vital public benefit programs.
Without such trusts, direct inheritances or lump sum awards can inadvertently disqualify individuals from receiving the necessary benefits, often causing more harm than good.
How Mullen Law Firm, P.A. Can Help
With a deep understanding of the complexities and nuances of Special & Supplemental Needs Planning, Mullen Law Firm, P.A., stands as a beacon of trusted guidance in this domain.
Attorney Joel P. Mullen leverages his vast experience to craft strategic solutions tailored to each family’s unique circumstances. Whether you’re considering setting up a trust or need advice on managing existing ones, our firm is committed to ensuring that your loved ones receive the best care and financial security they deserve.
Contact Our Special & Supplemental Needs Planning Attorney
If you need expert guidance in the realm of Special & Supplemental Needs Planning or have questions about how these trusts can benefit your family, contact us today.