Special Needs Trusts
Special Needs Trusts are designed to allow disabled people receiving public assistance to have money which can be spent on many important items not covered by public assistance. The special needs trust allows a person to receive Medicaid, for example, while keeping substantial money.
Typically, a Special Needs Trust is set up following a large personal injury settlement. Ordinarily, a person must "spend down" to become eligible for Medicaid. However, with a Special Needs Trust, the money in such a trust is not counted for Medicaid eligibility.
A Special Needs Trust can also be used to give money to a disabled person so that the person will have extra resources to cover those things public assistance does not cover. Our firm will be glad to talk to you about a Special Needs Trust.