A Special Needs Trust (SNT), also referred to as a Supplemental Needs Trust, is a trust created for an individual who receives or who may receive state or federal benefits. The trust is designed to provide for the individual’s “supplemental needs” while maintaining the individual’s eligibility for benefits provided by the government.
Third Party: A parent or other third party creates and funds a trust for the individual receiving government benefits. The trust can be funded now or through the parent or third party’s estate plan.
First Party: This type of SNT is also called a “(d)(4)(A) Trust” or “Medicaid Pay-Back Trust” and is funded with the beneficiary’s own assets (i.e. personal injury settlement). Upon the death of the beneficiary, remaining assets must be paid back to the state for up to the amount of medical assistance paid by the state.
Stand-by Special Needs Trust provisions: Because we do not ever know what the future may hold for our family or beneficiaries, stand-by Special Needs Trust provisions are important to include in your revocable trust. With these provisions included in your revocable trust, your Trustee can create a Special Needs Trust for a beneficiary if necessary at the time of your death.
Charitable Planning and Special Needs Trusts are a more complex area of estate and tax planning. Our attorneys will work closely with your financial advisors to make the most beneficial recommendations for you. We invite you to schedule an initial consultation with one of our attorneys. Simply call Ball Morse Lowe, PLLC, at 405-701-5355 or contact our office by email.
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I turned to Ball Morse Lowe, PLCC when I needed my mother's estate probated in Oklahoma. It involved mineral rights and I live in California and my mother had not lived in OK for over 60 years. I wanted a firm that would do this correctly and be reasonable in cost. Jennifer Wright was a pleasure to work with. She and her staff were professional, knowledgeable, friendly and helpful. They made the experience of probate painless, explained things as we went along, and were clear in their expectation of what they would need from me to move the process forward. I am so glad I found them and appreciate deeply all they accomplished on my behalf.
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