Planning for an Adult or Minor Child With a Disability
A special needs trust (SNT) can be an extremely effective way to help secure your child’s financial future.
The trust can protect his or her access to public benefits, such as Medicaid and SSI—while providing the funds to purchase services and goods that enrich your child’s quality of life.
How do you create a SNT to benefit your child? There are two options:
Hire a private special needs attorney to develop an individual SNT.
Work with a non-profit sponsor of a pooled special needs trust. (It is called “pooled” because all beneficiaries’ separate accounts are invested together—reducing administrative costs and overhead for each.)
Which approach—individual or pooled SNT—is best for your family? The answer probably rests in comparing the answers to these seven questions for each kind of trust:
- How much will it cost at the outset to create the SNT?
- What are the annual costs for managing the trust?
- Who will provide professional investment services for the trust’s assets?
- What is the minimum amount required to fund the trust?
- Do you want a professional trustee to assume responsibility for the trust or do you prefer that friend or family member serve as a trustee?
- Will there be a social worker or other experienced professional to provide guidance on how to use the funds (and how the funds may not legally be used)?
- Who will assist the trust’s beneficiary in identifying needed services and paying the bills?
PLAN offers a pooled SNT; and we are uniquely qualified to serve families and their children with disabilities:
We have decades of experience; we’re enduring and stable.
We have deep knowledge and expertise in serving as trustee.
Our Service Coordinators—who are all licensed social workers—provide caring, personalized assistance to each beneficiary.