Why A Trust?
A trust is a special relationship where property is held by one person or people for the benefit of someone else. The property can be almost anything such as cash, stocks, bonds, real estate, etc. A Special Needs Trust or Supplemental Needs Trust is a specific kind of trust established to benefit individuals that have a physical or mental disability.
Because Rett Syndrome is a lifelong, complete disability, Nora is eligible for medical and educational benefits from state and federal governments. Many of these benefits are based on her personal assets and could be withheld or revoked if she possesses significant property. If something were to happen to Nora’s parents or upon Nora’s 18th birthday, any property she owned might be used as a basis to deny coverage or might be liquidated to cover medical expenses.
This trust prevents that from happening. The trust holds assets in Nora’s name and can never be used as a “countable” resource for the purpose of measuring her income and assets.
To ask a question or make comments, please visit the FAQs page.