A special needs trust makes it possible to ensure money is appropriately managed for a person with a disability, who may be unable to manage money on his own or on her own. Not only does a special needs trust ensure that property and assets are wisely managed, but this unique type of trust can also be used to help preserve access to means-tested government benefits that are often received by people with disabling conditions. Special needs trusts are very specific kinds of trusts, with … [Read more...] about What is the Difference Between a First Party & Third Party Special Needs Trust?
When Would I Use a Special Needs Trust from Mark EghrariA first party special needs trust can be created for a person with personal resources. A grandparent, a parent, or a legal guardian would create the trust. It would be funded with assets that were the property of the beneficiary with special needs. Learn more about special needs trust in this presentation. … [Read more...] about When Would I Use a Special Needs Trust
special needs are enrolled in the Medicaid program. This is a health insurance program that is jointly administered by the federal government along with each respective state government. Medicaid is a program that is intended for people with financial need. If you have resources to speak of, you cannot qualify for Medicaid coverage. Since many people with special needs are not in a position to earn much income, Medicaid is often going to be the health care insurance solution.Topics covered … [Read more...] about Free Report: What Is a New York Special Needs Trust