Give A Gift They Can Trust

written by Darlene Kemp

What is a great gift to give your loved one who is living with a disability or has special needs? Something you may not have considered or do not know exists is a supplemental needs trust.

This financial vehicle allows you to “gift” money to your loved one, through a third-party supplemental needs trust. In fact, others can “gift” money to your loved one, thus allowing the supplemental needs trust to continue to grow. These gifts give your loved one access to funds, when used properly, that can make an enormous difference in his or her life. You can have a professional organization manage the fund, to ensure all laws and guidelines are followed.

Proper recording and financial statements are available to you, at any time after the trust is established, to be used for requests government agencies may make.
When a person is considering how to provide financial support for a family member, who is living with a physical, mental, or intellectual disability, it is important for the person to give thoughtful attention to these issues:

What financial support will my loved one require while I am alive and when I am no longer here?

Will my family member be able to enjoy the same quality of life that is now being lived?

Who will administer the supplemental needs trust (SNT) and ensure that the funds are managed for the benefit of my loved one?

How can I ensure that Supplemental Security Income (SSI) and Medicaid benefits will not be jeopardized, for my loved one, if I gift money to an SNT?

People establish third-party supplemental needs trusts (SNT) for many reasons.

The foremost purpose is to ensure that their loved one will be taken care of using government benefits and the monetary gifts deposited into a supplemental needs trust.

A second reason people establish an SNT is to avoid complications with government benefits received from the state.

There is no limit to the size of the trust fund and the funds can be used for many items or services, a person with supplemental needs requires, to supplement his or her government benefits. Money deposited in an SNT is exempt from being counted as an asset. Upon the death of the person with supplemental needs, the assets in an SNT can pass to other relatives or another chosen recipient.

If you have a relative living with a physical, mental, or intellectual disability or has special needs, consider establishing a third-party supplemental needs trust for your monetary gifts. This is truly a gift that keeps on giving and can make a world of difference in your loved one’s life.

For more information visit www.vistapoints.org or call 888-422-4076.