"Special Needs Trust Funds" Anyone With Any Knowledge/Experience?

Discussion in 'Miscellaneous Health Discussions' started by DMF, Jan 20, 2020.

  1. DMF

    DMF Member

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    These "Trusts" enable those on disability or SSI to retain their benefits even though they may win a lawsuit, get an inheritence, cash, etc.
    They however, seem very RESTRICTIVE and there is so little info out there on the downsides of these trusts. Beneficiary's have little say -must go through a "trustee".
    Lawyers always too eager to help set-up and of course collect lots of $$ - Trust outfits not open reguarding the "cons"
     
  2. GAF

    GAF Member

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    These trusts are a way to pay for needs of special needs people and not run afoul of the $2,000 asset limit for public benefits.

    These are not designed for puny amounts of money. They are designed for hundreds of thousands of $$$+ and long term many many year situations.

    The fees, in that situation are not significant. In small $, shorter term situations, a loving caretaker can just keep any money in a bank account in their name. No big deal.

    Just common sense.
     
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