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Special Needs Trusts

Special needs trusts help provide the most significant financial support to a person with a developmental disability. This article will discuss the two different types of special needs trusts, providing valuable information.

The Two Types of Special Needs Trusts

First Party Special Needs Trusts

Funded with assets owned by the trust beneficiary, first party special needs trusts protect the current or future eligibility for government benefits for individuals who may be receiving a settlement, inheritance, or other financial support that boosts the beneficiary’s assets to $2000 or more.

Third Party Special Needs Trusts

Funded with assets owned by parents, relatives, or friends, third party special needs trusts are an intelligent choice for those looking to provide an inheritance to a loved one with disabilities.

Assets in first and third party special needs trusts are not considered a part of Social Security or Medicaid. These trusts enable you to preserve those benefits, providing the beneficiary additional financial support without hindering their government benefits.

senior couple filling out forms in front of laptop

Protecting Assets for Your Loved Ones

At the Falcone Law Firm, our special needs planning experts can help ensure your loved one receives the financial support they are entitled to. So take your first step toward securing your loved one’s assets, and contact us today to schedule a consultation.

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