Alternates to Special Needs Trusts


When a disabled or elderly (65 or older) need assistance administering or holding large sums of money from inheritance, gift, settlement, lottery winnings etc. we usually set up what is called a special needs trust. This trust allows the mentioned persons to receive SSI and Medicaid benefits even when they are given these large sums of money. However, when the money is given to them directly they would need to set up their own trust as the grantor for themselves, and this creates a self settled trust. The self settled trust does not benefit from the haven for such benefits because it demonstrates that the individual had possession of the money. An alternate to these self settled special needs trust are Pooled Trusts and every state has a number of them. There is also a National Pooled trust for these purposes. These pooled trusts allow the individual to place the said funds into the trust and reap from the benefits of the traditional special needs trust without loosing their benefits.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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