A Special Needs Trust (SNT) is a type of trust fund that is specifically designed to help families manage and preserve assets for the benefit of a disabled family member. This type of trust is used to provide financial assistance to individuals with disabilities while protecting their eligibility for government benefits such as Medicaid and Supplemental Security Income (SSI).
Special Needs Trusts allows families to create a trust fund for the disabled individual, which can be used to pay for expenses related to the individual’s disability. This includes medical expenses, educational expenses, recreational activities, and other needs. Funds from the trust can also be used to supplement government benefits.
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A Special Needs Trust can also help families provide for their disabled family member in the event of death or incapacity of the family member. The trust can be used to provide for the individual’s long-term care and provide for other needs in the event of death or incapacity.
A Special Needs Trust can be an invaluable tool for families of individuals with disabilities. It can provide financial security and peace of mind for families while allowing them to maintain the independence and dignity of their disabled family members. The trust also helps ensure that the individual’s eligibility for government benefits is not affected by the assets in the trust.