Special Needs Planning - Nicole Israel
Special needs planning provides a person with disabilities income while still protecting their eligibility for gov assistance programs.
- One of the biggest benefits of establishing a special needs trust is the ability to provide a person with disabilities income while still protecting their eligibility for government assistance programs. When a special needs trust is established, the beneficiary can still receive Medicaid and other assistance from government organizations
- A special needs trust is a special type of trust that comes in multiple forms
- How to Set Up a Special Needs trust The first step in special needs planning is creating a special needs trust . We help you to determine what kind you need. Because there’s more than one kind based on who funds the trust , it may be necessary to speak with a lawyer before moving forward. You should also understand the goals for your special needs planning. Setting up a special needs trust means determining what can and can’t be paid with the finances in the trust . Speak with a lawyer to determine the most effective ways to create a special needs trust in a legal way. Here are some of the requirements you should know about when setting up a special needs trust : The above requirements are designed to ensure the beneficiary maintains his or her access to government assistance. What Are the Different Special Needs trusts ? There are three different types of special needs trusts , including a first-party special needs trust , a third-party special needs trust , and a pooled special needs trust . There are significant differences between these special needs trusts, each changing how they are managed.
