What is a Special Needs Trust?

A Special Needs Trust is a type of trust designed to provide financial assistance to individuals with disabilities. It is set up to help cover expenses that are not typically covered by public benefits, such as medical bills, education, housing, and other services that will improve the quality of life for the individual. In Pennsylvania, Special Needs Trusts are set up by family members or other individuals that have an interest in ensuring that the individual with a disability is taken care of. The trust is typically funded by the individuals own assets or from a court settlement, or through donations from family and friends. Funds in a Special Needs Trust can’t be used for items that would be provided through public benefits programs. The purpose of a Special Needs Trust is to provide for the individual with disabilities while still protecting their eligibility for public benefits. Typically, the trust will be managed by a trustee with experience in managing trusts and understanding the unique needs of individuals with disabilities. The trustee is responsible for making sure that the funds are used responsibly and for the benefit of the individual. Special Needs Trusts in Pennsylvania are important for individuals with disabilities and their families because they can safeguard public funds and make sure that those with disabilities have the necessary resources to improve their lives.

Related FAQs

What is a Guardianship?
What is Medicaid planning?
Who should I name as the trustee of my Special Needs Trust?
What is a revocable living trust?
How do I know if I qualify for SSDI or SSI?
How do I create a special needs trust?
What are the rules for Medicaid trusts?
What is a supplemental needs trust?
What is a Vocational Rehabilitation Plan?
What is a special needs trust?

What is a Special Needs Trust?

Related FAQs

Related Blog Posts