Special Needs Trust
For some people, the purpose for creating a trust is to provide for the welfare of loved-ones with special needs. However, one of the central concerns in creating such a trust is to provide for such a person while not disqualifying that person from eligibility for services provided by the government, e.g. Medicaid or Supplemental Security Incom
In general, a special needs trust can provide education, travel, furniture, furnishings, and even pay some utilities for the trust beneficiary, the person for whom the trust was created. However, a special needs trust may not provide food or housing for the beneficiary, but there are a number of complicated exceptions that can allow housing payments in certain circumstances.
This brief overview of some important considerations associated with special needs trusts is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.