A special needs trust is a type of trust that is designed to protect a beneficiary who is disabled and receiving benefits from the government. These types of trusts are generally revocable, which means they can be changed or terminated at any time (unless they are funded with an irrevocable insurance policy), and they do not need to be reported on your tax return.
The primary issue with financial planning for someone with special needs is the possibility that government assistance might be required to help support that individual. Medicaid, Supplemental Security Income and other programs have rules about how much assets an individual can hold before they no longer qualify for benefits. Our goal is to design a plan that will allow you to protect those assets while still allowing your loved one to remain eligible for these programs.
