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What is a Special Needs Trust?

A special needs trust is a legal arrangement that lets a disabled beneficiary receive financial support without jeopardizing essential government benefits, such as Social Security and Medicaid benefits. The reason this is such an important arrangement is a person cannot qualify for those benefits if they have assets worth more than $2,000.

Many times, the trust is set up for a child to be funded when the last parent dies, perhaps using life insurance, IRAs, or annuities. However, the special needs trust can be set up by any party who wants to provide financial support to a disabled beneficiary.

Another benefit of a special needs trust is the beneficiary may be unable to manage their own finances. When the trust is set up, a trustee will be designated who will manage and distribute the funds on behalf of the beneficiary. The beneficiary of the trust will not have any control over how the funds are distributed. However, the trustee can spend the funds on things that improve the beneficiary’s quality of life, such as:

  • Phone service
  • Electronics
  • Education
  • Entertainment such as going to the movies, plays, and cultural experiences
  • Vacations
  • Eyeglasses
  • Medical, dental, rehabilitative therapy, and occupational therapy

If you need assistance with a special needs trust, please call us at (972) 382-5400 to schedule a confidential, no-obligation initial consultation, or contact us online. With an office in Celina’s historic downtown square, we serve communities throughout the region, including in Collin County, Denton County, Grayson County, Tarrant County, and Dallas County.

Schedule Your Fully Confidential Consultation Today

At The Cawlfield Law Firm, PLLC, we are committed to providing results-oriented legal representation to clients. To schedule a confidential, no-obligation initial consultation, please call us at (972) 382-5400or contact us directly online. With an office in Celina’s historic downtown square, we serve communities throughout the region, including in Collin County, Denton County, Grayson County, Cooke County, Tarrant County, and Dallas County.

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