Planning for the Financial Future with a Special Needs Trust
What is a Special Needs Trust?
Trusts have been part of estate planning for a long time. A trust is a legal arrangement between three parties:
a donor, who supplies the funds for the trust;
a trustee, who agrees to hold and administer the funds according to the donor's wishes; and
a beneficiary or beneficiaries who receive the benefit of the funds.
A Special Needs Trust is the similar legal arrangement but with the goal of providing financial support for people with disabilities or special needs while allowing them to maintain eligibility for government benefits. A lawyer aids with establishing a trust. In a special needs scenario, the trustee arrangement generally includes one or more family members comfortable with financial management and the rules surrounding public benefits or a professional that charges fees to administer the trust or a combination of both. There are multiple professional organizations that administer special needs trusts, some associated with law firms.
The trust holds assets, such as cash, securities, real or personal property, and life insurance proceeds, and uses them to pay for expenses. Because the beneficiary doesn't own the trust's assets, they can remain eligible for programs with asset limits, such as Medicaid and Supplemental Security Income (SSI). The money from the trust typically supplements the beneficiary's benefits, but doesn't replace them. The funds in the trust can be used to pay for things that public benefits do not cover. These supplemental expenses can include: medical and dental (not otherwise paid for by a public insurance program), clothing, telephone, internet, transportation, vacation, and alternative therapies not typically covered by medical insurance or dental insurance among other options.
Learn more at NAMI MA sponsored webinar on August 28th
Join NAMI Massachusetts' exclusive trust partner, Plan of MA & RI, for an informational webinar to learn about government benefits & special needs trusts and how they can help plan for the future. Individuals living with mental health conditions and their family members are welcome to attend.
PROGRAM: Introduction to Government Benefits and Special Needs Trusts
DATE: Aug 28, 2024, 12:00 PM
SPEAKER: Ellen Harnen, LICSW, CBIS, Service Coordinator Manager. Ellen has over 20 years of experience working with adults with disabilities, their families, and caregivers. Ellen has worked extensively as a case manager providing services to adults living with neurological injuries and/or illness.
LEARNING OBJECTIVES:
Gain a deeper understanding of key government benefits.
Learn how a special needs trust can supplement, not supplant public benefits.
Understand the responsibilities of a professional trustee.
Learn how PLAN offers social services support through knowledgeable, experienced, licensed social workers who serve as the primary liaison for beneficiaries and their families.
REGISTRATION: https://zoom.us/meeting/register/tJIrd-2orDouHd3QNjlpPt6HjxRwORtUOgx0#/registration
