Individuals with special needs often depend on government benefits in order to afford things that many of us take for granted \u2014 including health care, education, healthy food and a safe home. But when someone with special needs acquires significant assets for any reason, their eligibility for government benefits may be jeopardized. Special needs trusts hold these assets outside the ownership of those individuals, but allow the money to be spent on their behalf, thereby enriching their lives without endangering their eligibility for benefits.<\/p>\n
A third-party special needs trust is the most common type. The trust is created by a third party, using that person’s assets, and names the special needs individual as the beneficiary. These assets are commonly transferred into the trust upon the death of the trust’s creator, or grantor, through a will, life insurance or beneficiary designation.<\/p>\n
Less widely known, but equally important, are first-party special needs trusts. Such a (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Individuals with special needs often depend on government benefits in order to afford things that many of us take for granted \u2014 including health care, education, healthy food and a safe home. But when someone with special needs acquires significant…<\/span><\/p>\n