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`DOWNLOAD E-PUB ↲ Special Needs Trusts: Protect Your Child's Financial Future ⇰ Special Needs Trusts What They Do And How They Fortunately, a planning vehicle known as a Special Needs Trust SNT can provide parents with a financial backstop for ongoing supplements for Special Needs Trust Definition Investopedia A special needs trust is a legal arrangement and fiduciary relationship that allows a physically or mentally disabled or chronically ill person to receive income without reducing their eligibility Special needs trust WikipediaSpecial Needs Trusts The Basics Nolo These are special needs trusts run by nonprofit organizations that pool and invest funds from many families Each trust beneficiary has a separate account, and the trustee chosen by the nonprofit spends money on behalf of each beneficiary Pooled trusts also called community trusts are available in many areas of the country Special Needs Trusts What They Are and Who Can A Special Needs Trust, also referred to as a Supplemental Needs Trust, is a trust specifically created to manage the assets of a person with special needs or a disability Types of Special Needs Trusts Alperin Law Setting up a special needs trust allows you to provide your disabled loved one with a higher quality of life while protecting his or her eligibility for important government benefits Because of the way a trust is set up, the assets in the trust are not considered for the purpose of determining eligibility for need based government programs There are two types of special needs trusts first Steps to Starting a Special Needs Trust A Special Needs Trust allows the parent or caregiver to set aside money for the future care of their loved one living with a disability while protecting the US government benefits Supplemental Security Income and Medicaid that are crucial in providing the medical and income necessary to supporting the individual, explains Marcus An Overview on the Two Different Types of Special There are two types of Special Needs Trusts SNTs , commonly designated as first party and third party SNTs It is important to determine which type of SNT you have or need This depends upon whose property is funding the SNT If the property funding the SNT originates with the SNT beneficiary, then it is a first party SNT Special Needs Trusts Special Needs Planning Too many attorneys believe that special needs planning and special needs trusts are only for young children who are currently receiving some form of financial assistance from either the State or Federal government That is a narrow view of special needs trusts that Special Needs Trusts FAQ s FindLaw Special needs trusts are made specifically for the benefit of those with physical and or mental disabilities, including those with mental disabilities who lack the capacity to manage their own finances The trust is created with the specific needs, lifestyle, and future of the beneficiary in mind