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Special Needs Trusts Types
First-Party Special Needs Trusts:
First-party special needs trust is funded using the disabled person's own assets. Personal injury awards are a common source of income to fund a first-party special needs trust since a serious car accident or medical malpractice can leave the victim with lifelong disabilities. However, these trusts can also be funded by a retirement plan, divorce settlement, life insurance proceeds, or inheritance.
Medicaid Asset Protection Trusts (MAPT):
Medicaid Asset Protection Trusts (MAPT) can be a valuable planning strategy to meet Medicaid's asset limit when an applicant has excess assets. Simply stated, these trusts protect a Medicaid applicant's assets from being counted for eligibility purposes. MAPTs enable someone who would otherwise be ineligible for Medicaid to become eligible and receive the care they require, be that at home or in a nursing home. Assets in this type of trust are no longer considered owned by the Medicaid applicant. MAPTs also protect assets for one's children and other relatives, which is a win-win for Medicaid applicants and their families. Medicaid Asset Protection Trusts are also called Medicaid Planning Trusts, Medicaid Trusts, or less formally, Home Protection Trusts.
Third Party Special Needs Trusts:
A Third-Party Special Needs Trust is the most common type of special needs trust. Under this arrangement, trust assets are provided by a parent, grandparent, sibling, or another concerned party. Often, the trust is part of the estate plan of the person who is funding it. The goal is to ensure that the special needs beneficiary will have the financial resources necessary to enjoy the highest possible quality of life when his or her caretakers are no longer living.
Call (844) 705-3370 or contact us online to learn more.

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Below is a directory of websites that you may find helpful in your research.

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