What is a special needs trust account?

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What is a special needs trust account?

With certain government benefit programs, such as Social Security, Medicaid and Food Stamps, an individual with one or more disabilities or chronic health problems can potentially lose some or all of their benefits if they receive a lump sum of money or property gift or donations from a fundraiser. The money is typically counted as “income” for these programs.

A “special needstrust account is managed by a trustee who guarantees that funds will be distributed as needed to assist a disabled or chronically ill person. The funds can be used to pay rent, utilities, medical and other bills without penalty. The trust also protects assets from a divorce settlement and certain other types of legal proceedings.

Meurer Law Offices P.C. is now a local Asset Protection Attorney for not only residents of the Denver metro region, but also all of Colorado. Contact us today for more information about trust accounts or our other estate planning services.