A Nevada Trust for Beneficiaries with Disabilities
A Special Needs Trust (sometimes referred to as a supplemental needs trust) is a specific trust for a beneficiary who carries a physical or mental disability.
These trusts can also be useful when the beneficiary lacks legal capacity to act on his or her behalf. Properly written and structured, the assets held in the trust are not counted when determining the beneficiary’s ability to qualify for needs-based government benefits. The assets held in the trust are then used to supplement the needs of the beneficiary, beyond what the government programs of Medicare and Medicaid provide.
If the person receiving government benefits establishes a special needs trust, a future repayment for the government-provided benefits received is often required when the beneficiary dies. However, if other family members or the proceeds from an injury settlement contribute the assets placed in the trust, the government does not usually require repayment for benefits received.
For more information on the advantages of Special Needs Trusts, please contact Alliance Trust Company.