A special needs trust is a highly effective way for some people to maintain eligibility for government benefits if they’re about to receive a big sum of money, such as a settlement or inheritance. If you’re thinking about setting up a trust for yourself or a loved one, you’ll have some big decisions to make. Below is a collection of articles that can help you get started.
A Short Guide to Special Needs Trusts: Here we describe the concerns many individuals and caregivers have about getting started with a trust. We also explain the types of special needs trusts, the decisions you’ll need to make, and more.
How to Set Up a Special Needs Trust: CNBC outlines the process of deciding how much to put in trust, assembling a trust team, and checking to ensure all financial gifts and inheritances are accounted for.
What Can a Special Needs Trust Pay For?: To comply with needs-based government benefits like Medicaid and Supplemental Security Income (SSI), a trustee must spend the assets in the trust to purchase “non-countable” goods and services to improve the life of the trust’s beneficiary. Here is the list of items not covered by government programs.
The Pros and Cons of a Special Needs Trust: This Friendship Circle article helps individuals and caregivers weigh whether this type of trust is the answer.
If you’re considering establishing a special needs trust, we can help. At Milestone, our team has helped hundreds of people develop plans that utilize the best financial tools and methods, so they can get the most out of their settlement. Our approach is comprehensive and future-focused. We take the time to understand the complexities of each client’s situation, and then we assess the best outcome and find the path that enables them to manage their many needs. Feel free to contact Milestone for assistance.
About John Bair
John Bair is an experienced settlement planner and financial consultant. He helps families develop strategies to provide lifelong financial support for children with disabilities, catastrophic injuries, special needs, and congenital abnormalities. Read more about John’s work and his firm, Milestone Consulting, at http://milestoneseventh.com.
A West Point graduate where he served as captain and military aviator, John Bair continues his commitment to our country through his efforts within the settlement planning industry. He has represented families of victims lost in the Flight 3407 crash, offered pro bono services to the families of 9/11 victims and drafted the first consumer protection bill for plaintiffs (H.R. 3699).