What is the difference between a revocable living trust and a special needs trust?

A revocable living trust and a special needs trust are two very different types of trusts with distinct purposes. A revocable living trust is a legal document that can be used to manage an individual’s assets and preserve wealth during their lifetime and specify how their assets should be distributed after they pass away. With a revocable living trust, the signer retains full control over their assets during their lifetime and can change any of its provisions. A special needs trust, on the other hand, is a trust designed to provide supplemental financial assistance to an individual with disabilities, while still allowing them to qualify for various public assistance programs like Medicaid or Social Security. A special needs trust cannot be revoked or changed during the grantor’s lifetime, and its main purpose is to supplement, not replace, public benefits. Special needs trusts can provide funds for items or services that Medicaid or Social Security may not cover, but the grantor can not take any of the money out of the trust.

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What is the difference between a revocable living trust and a special needs trust?

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