What is a Special Needs Trust and Do You Need One?

Any parent or spouse who knows that their child or other beneficiary has special needs that will require them to avail themselves to governmental programs (like Maine Care) in the future will want to consider a Supplemental Needs (also known as Special Needs) Trust in their Estate Planning. A Supplemental Needs Trust is specifically designed to ensure that the beneficiary will not be deemed to have inherited assets that could potentially disqualify them for the program they are on. This can be especially important for children who have extreme medical needs and cannot afford to lose that funding. A Supplemental Needs Trust will protect the money so it will be there for the needs of the child/grandchild/beneficiary. It is a very restrictive trust that must last for the rest of that beneficiary’s life. This requires special care when choosing a Trustee and Successor Trustee to oversee the trust. If you think this may apply to your family situation don’t hesitate to call and learn more

– Kathryn Bedell, Esq.

Comments

11/24/2021 by Jeff Carbine

I loved when you said that a Supplemental Needs Trust is specifically designed to ensure that the beneficiary will not be deemed to have inherited assets that could potentially disqualify them for the program they are on. My father is eighty years old, and realizing he can't be too long to live, he starts talking about the estates that he will be left to us, but don't have a clear thought on how to do it. I will tell him to go into estate planning with a lawyer to make things easy for him. http://www.ibarinc.com/special-needs-trust-planning/

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