Special Needs Trusts (SNT) are established for individuals who have a disability to receive public benefits, such as Medical Assistance (Medicaid) and Supplemental Security Income (SSI). These unique trusts are governed by specific federal and state laws and regulations and must be carefully drafted so the beneficiary of the trust will continue to qualify for
government benefits.
How do Special Needs Trusts work?
If you are a person with a disability, the Special Needs Trusts can benefit you. This trust protects assets within the trust and allows the trustee to distribute the trust funds for goods and services that public benefit programs do not already provide for you. The trustee can pay for the needs that are unique to you and not provided for by public assistance programs. Examples of these needs are education, special medical procedures and equipment, entertainment and travel. This type of trust can enhance quality of life.
Supplemental Needs Trust
The second type of Special Needs Trust is the Supplemental Needs Trust, sometimes called a “third-party trust” or a “non-payback trust.” These trust funds are funded by someone other than you and are available to pay for lifetime needs. Upon death, the remaining funds are distributed as directed by the trust document, with no requirement to pay the government back for benefits received.
Notable among Minnesota Attorneys
Attorney Randy F. Boggio’s work in this area has been instrumental in Minnesota ultimately approving Supplemental
Needs Trusts.
Find out how Randy Boggio and the attorneys at Maser, Amundson, Boggio, P.A. can help you set up a SNT. Call us at 952-925-4147 or e-mail us.