Is a Special Needs Trust Right for You?
2 Things to Know, 2 Things to Do When Considering a Special Needs Trust Learn the legal rights of people with special needs, their families and their caregivers before creating a trust. October was National Special Needs Law Month, which promoted awareness of the legal rights of people with special needs, their families and their caregivers — the perfect time to explore your options. Learn more about what to know and do if you’re considering a trust. 2 Things to Know 1. What is a special needs trust? Supplemental Security Income and Medicaid are important sources of support for individuals...
Read MoreWhat is a Trust?
A special needs trust is designed for beneficiaries with disabilities to protect important public benefits such as but not limited to medicaid and SSI. Special needs trusts provide a tool for families planning for a loved one with a disability. Special needs trusts can also be used when a person receives an inheritance or personal injury settlement proceeds to prevent reduction or loss of public benefits. Special needs trusts are sometimes known as supplemental needs trusts in the United States. A trust is a legal arrangement where one party holds the property of another for their benefit....
Read MoreEstablishing a Trust
Establishing a special needs trust yourself or a loved one with a disability can seem complex and difficult to understand. However, it is an important tool to protect important public benefits like Medicaid and SSI. Midwest Special Needs Trust is available to provide support and assistance to help people with disabilities, family members, guardians and attorneys to establish a special needs trust.
Read MoreUsing a Trust
Once established, Special Needs Trust funds can be used to supplement Social Security disability cash benefits and Medicaid. A trust of any size can make a meaningful difference in the life of the beneficiary. Requests for trust distributions include a wide range of items and services that can enhance the quality of life for the beneficiary. Examples include dental insurance premiums or dental work not covered by Medicaid, clothing, assistive devices and equipment to promote independence or communication, recreational and community inclusion, exercise and wellness activities, among...
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