Special Needs Trusts for Persons with a Disability
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What Can a Special Needs Trust Do For You?
Explore the unique features of an SNT.
Preserve SSI and Medicaid Benefits
The primary concern for most families is ensuring that an inheritance doesn't accidentally disqualify their loved one from "means-tested" government benefits like SSI and Medicaid.
A Special Needs Trust (SNT) protects eligibility because the beneficiary has no legal right to access the trust assets. If they had such access, the government would count the money as a personal asset, causing an immediate loss of benefits.
Enhance Quality of Life
The goal of a disability plan is to supplement, not replace, basic support provided by the government. While Medicaid and SSI provide essential support for medical, housing and food, SNT funds are used for "extras" that enhance daily life for the beneficiary.
Boost the Power of ABLE Accounts
An ABLE Account allows a disabled person to retain money to pay for a wide variety of "qualified disability expenses". If the ABLE account is used correctly, it will not reduce the amount of government benefits the person receives.
Modern disability planning uses the SNT as a "Vault" for large assets and the ABLE Account as a "Wallet". This combination allows a disabled person to enjoy a greater degree of financial independence.
For example, if an SNT pays for rent, mortgage, or utilities directly, the beneficiary’s SSI check is reduced by the Presumed Maximum Value (PMV)—roughly 1/3 of their benefit. On the other hand, if the beneficiary pays for rent or utilities from their ABLE account, the beneficiary keeps 100% of their SSI check.
Optimize Legacy Planning
Third-Party Special Needs Trusts are funded by family assets, such as those from parents or grandparents, and offer the distinct advantage of having no Medicaid payback requirement. This allows any remaining funds to pass directly to siblings or other chosen heirs upon the beneficiary’s death.
Harness Tax Benefits
An SNT that is properly structured to elect Qualified Disability Trust (QDT) status has an important income tax advantage. Specifically, a QDT is eligible for a higher exemption amount with respect to payment of income tax ($5,300 vs $100 for non-QDT's). Therefore, a QDT can retain more money that is not subject to federal income tax.
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We offer two types of special needs trusts for persons with a disability...
First-Party Special Needs Trust
$2,750 flat fee
What Is It?
A First-Party Special Needs Trust is a trust funded with assets that already belong to the person with a disability. It is designed to hold financial resources so that those assets do not count against the individual's eligibility for government assistance like SSI or Medicaid.
What's Included?
● Consultation to customize your trust
● Irrevocable First-Party Special Needs Trust designed to support a person with a disability
● Instructions and forms to guide the trustee to administer the trust
● Estate planning "roadmap" to fund the trust
● Witness and notarize documents
● Heavy duty binder for original documents and flash drive for copies
Who's It Designed For?
A First-Party Special Needs Trust is designed for a disabled person who already owns assets or is about to receive them directly in their own name. It allows the person to retain eligibility or become eligibile for government benefits.
Third-Party Special Needs Trust
$2,450 flat fee
What Is It?
A Third-Party Special Needs Trust is usually funded with assets belonging to deceased person (e.g. a parent or grandparent). The trust allows the deceased person's assets to be managed by a trustee for the benefit of a living person with a disability.
What's Included?
● Consultation to customize your trust
● Third-Party Special Needs Trust for support of a person with a disability
● All instructions and forms needed by the trustee to administer each trust
● Estate planning "roadmap" to fund the trust
● Heavy duty binder for original documents and flash drive for copies
Who's It Designed For?
A Third-Party SNT is designed for families who desire to provide financial resources for a disabled person while still preserving the person's eligibility for government benefits.
What Your Neighbors Are Saying...
We make estate planning simple and stress-free.
Very professional and knowledgeable! They made the detailed process very easy for me to understand and make the best decisions.
Vickie B.
Grand Rapids client
Excellent to work with. We have an adult special needs child so we needed a trust to cover her. I have great confidence in the Estate Planning Law Group.
Jim B.
Grand Rapids client
From the very first consultation, the team took the time to explain every detail, answer all my questions, and ensure that my wishes were clearly documented and legally sound.
Derrick D.
Northville client
Extremely knowledgeable and helped us with all our questions regarding laws and procedures pertaining to a detailed trust. We highly recommend this law firm.
Anjali B.
Northville client
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