Special Needs Planning

Special Needs Trust – The Scoop

So, how DO you decide which Special Needs Trust to use when they all sound the same?

To answer this question in a simplified way, we look to the source of funds, who is living and wants to set up the trust, and who should have the benefit of the trust.

Third-party Special Needs Trusts are usually set up by parents to help with supplemental costs of the disabled persons. There are numerous permissible sources of funding.

First-party Special Needs Trusts are used to hold the assets/funds of the person with disabilities. Other names for this trust are Medicaid Payback trusts, “self settled” or “(d)(4)(A)” trusts.

Pooled Special Needs Trusts in Texas are managed by The Arc of Texas Master-pooled Trusts. A pooled Special Needs Trust may be either a first- or third-party trust depending on the source of funds.

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“The best way to predict the future is to create it.”

Abraham Lincoln

Most trusts have strict operating rules and offer distinct benefits.

Call an experienced professional in special needs planning like Lisabeth Mims to help you decide which trust or trusts may be right for your family.

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