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Your quick guide to special needs trusts.
You may be wondering, what is a special needs trust, what purchases can they cover and what is the cost to get started? Here are a few quick facts on special needs trusts.
A special needs trust (also known as a supplemental needs trust) helps protect the assets of a person with a disability. The assets in the trust are used for the benefit of the individual with a disability to improve his or her quality of life. The beneficiary can make critical, life-enhancing purchases, like medical care, clothing and transportation.
Government benefits help people with disabilities and their families pay for specific needs. These benefits include Medical Assistance, Medicaid Waivers and Supplemental Security Income (SSI), Social Security Disability and Medicaid.
If a person has more than $2,000 in assets, they are not eligible for certain government benefits. A special needs trust allows people to exceed the $2,000 asset limit, access benefits and supplement those benefits with their trust funds.
As a member of the Achieva family of organizations, we help beneficiaries and their families plan for the future. Our trust administrators work to ensure that you have access to your funds without losing government benefits. We are dedicated to serving children and adults with any physical, mental health or intellectual disability, including back and spinal injuries, post-traumatic stress syndrome and autism.
As a nonprofit organization, we offer some of the lowest trust fees. Trusts can be established with a deposit as low as $500. There are also no startup fees or fees to close an account.
Every beneficiary works with a personal Trust Administrator who guides you in the use of your trust.
Your team of trust administrators has extensive experience in social services and can connect you with a network of support to find disability help.