What is a Special Needs Trust?

A Supplemental Needs Trust or Special Needs Trust is designed to hold assets for an individual who receives government benefits such as Supplemental Security Income or Medicaid.  Typically, in order to qualify for these government benefits, you must qualify and have limited assets and income.

A Supplemental Needs Trust or Special Needs Trust can hold assets in almost any amount and the assets will not be counted or considered assets of the person receiving the government benefits.  The funds in the trust are intended to be used to “supplement, but not supplant” government benefits.  Thus the assets are intended to be used for almost anything except food, shelter and medical benefits paid for by government benefits.

 

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