What is a special needs trust?

A special needs trust (SNT) is a type of trust that is used to provide financial support for disabled or elderly individuals. The trust provides money to pay for special needs not met by other resources such as Social Security, Medicare, and Medicaid. The money in the trust is designated to supplement the existing support already provided by government and other sources. In New Hampshire, SNTs are set up by family members, the court, or any other individual or entity authorized by state law. The trust is usually established in the name of the disabled or elderly individual. The trust is managed by a trustee who is appointed by the grantor, which is the person who established the trust. The trustee is responsible for managing the trust funds and ensuring that the trust benefits the individual. The purpose of the SNT is to provide funds for the benefit of the disabled or elderly individual without jeopardizing their eligibility for government benefits such as Social Security, Medicare, and Medicaid. The money in the trust is specifically designated to meet the needs of the beneficiary such as medical and dental care, housing, education, and other services. The trust may also include funds for long-term care, special equipment, and other special needs. The trust may not be used for general purposes or for benefit of anyone other than the beneficiary. In New Hampshire, a special needs trust may be established by a court or by a family member or other person authorized by the state law. It is important for the grantor to ensure that the trust is drafted properly, and the trust should be reviewed regularly to ensure that it is meeting the beneficiary’s needs.

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