What is a special needs trust?

A special needs trust is a type of trust that is created to provide financial support for someone with a disability. This type of trust holds and manages assets that benefit the person with the disability, without directly affecting their eligibility for public benefits, such as Social Security Disability Insurance or Medicaid. Special needs trusts can be used to provide for things like educational expenses, medical treatments, or a variety of other needs that the person with the disability might have. In Washington, special needs trusts are typically created by a parent, grandparent, legal guardian, or court. In some cases, they can also be funded with proceeds from insurance policies, settlements, or other sources. The trustee of the trust is responsible for managing the assets and operations of the special needs trust, and ensuring that the funds are used for the benefit of the individual with the disability. The main objective of a special needs trust is to provide financial support for someone who is unable to provide for his or her own needs. For example, these types of trusts can be used to pay for medical treatments and services, educational expenses, living expenses, and other items that the individual might need. By setting up a special needs trust, the individual with the disability can be provided with the financial support they need while still preserving their eligibility for public assistance programs.

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What is a special needs trust?

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