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Special Needs Trust

If you have a loved one with special needs, a special needs trust can be crucial to protecting their future. After you have passed, you want peace of mind that their lifestyle and financial well-being will be taken care of. We know the task can be complicated and overwhelming – that's where we come in.

What is a Special Needs Trust?

A special needs trust is a legal arrangement and fiduciary relationship that allows a physically disabled, mentally disabled, or chronically ill person to receive income without reducing their eligibility for public assistance programs.

How Can We Help?

When you develop a special needs trust, you can designate Community Trust and Investment Company as the corporate trustee. We take care of investing the funds, making disbursements, paying taxes and maintaining detailed accounts – all in accordance with the original intent of the trust. Our expert advisors also have a deep understanding of all regulations, ensuring the individual maintains assistance eligibility.

Types of Special Needs Trusts

A third party special needs trust is the most common and is created with assets provided by anyone other than the beneficiary, such as their parents or family members. Such a trust can be created and funded during the life of the originator or as part of their last will and testament. Upon the beneficiary's death, there is no requirement to use residual funds to reimburse Medicaid for services provided to the individual, and "remainder" beneficiaries may be named to receive those assets.

A first party special needs trust is used when the person with a disability has their own assets, whether from an inheritance, a personal injury settlement or other circumstance. The assets are put into the trust, thus allowing the individual to still be eligible for government benefits. The person must be under 65 at the time the trust is established. Funds remaining in the trust at the beneficiary's death must be used to reimburse Medicaid for services to that individual before they can be distributed to anyone else.

We know that each situation is unique and we always have the individual's and their loved ones' best interest at heart.

If you need assistance setting up a special needs trust, we are here to help.

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