What is a special needs trust?

A special needs trust is a type of trust available to individuals with disabilities living in North Carolina. This trust allows a disabled person to maintain his or her quality of life while providing for their future needs. The trust is established for the sole purpose of supplementing government benefits, such as Social Security or Medicaid. The trust, which is overseen by a trustee, allows for the accumulation of money and other resources that can be used to pay for essential services for the disabled person, such as medical care, education, housing, and recreation. The money in the trust can be used to supplement government benefits, while ensuring that it does not disqualify the disabled person from receiving those benefits. The trust can also be used to provide a secure source of income for a disabled person. It can be set up to allow for monthly or annual payments to the disabled person from the trust fund. In addition, the trust can be set up to provide for necessary items, such as assistive devices or medical equipment. The trust established by Disability Planning Law in North Carolina ensures that the needs of the disabled person are protected, while providing for his or her quality of life. It is a valuable tool for families to ensure that their loved one is taken care of and secure in the future.

Related FAQs

What is the Family and Medical Leave Act (FMLA)?
What is my obligation to report changes in my health or income?
What is a trusted advisor?
What is a revocable living trust?
What is a Special Needs Trust?
What is a personal injury trust?
How do I know if I qualify for SSDI or SSI?
What is a Medicaid trust?
What is a special needs trust?
How can a disability lawyer help me?

What is a special needs trust?

Related FAQs

Related Blog Posts