Do You Qualify for a Special Needs Trust?

A special needs trust is a type of trust that can help provide for individuals that have special needs. Not everyone can qualify for this type of trust. One of the ways that an individual can qualify for a special needs trust is if they have a disability. This could be a mental or a physical disability. This disability has to be documented and the individual must be declared disabled. Here are a few things to consider about the qualifications for this estate planning tool.

Illness

Another way that an individual could qualify for a special needs trust is if they have a chronic illness. If the person has a chronic illness, the trust can be used in order to make the necessary provisions to take care of them. 

Affect on Benefits

With the special needs trust, an individual can still qualify for government assistance, regardless of the assets in the trust. With this arrangement, they are not actually the owner of the assets which means that they can still qualify for government programs, such as Medicaid.

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