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Special Needs Trusts to Secure Your Loved One's Financial Future

A properly structured Special Needs Trust is often the cornerstone of effective planning for individuals with disabilities. These specialized legal tools allow families to provide financial support without jeopardizing essential government benefits.

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Understanding Special Needs Trusts

Special Needs Trusts (SNTs) are specifically designed to supplement, not replace, the benefits provided by government programs like Medicaid and SSI. When properly established and administered, these trusts allow for enhanced quality of life while maintaining benefit eligibility.

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How Special Needs Trusts Work

Assets held in a properly structured Special Needs Trust are not counted toward the beneficiary's resource limits for means-tested government benefits. The trustee manages these assets and makes distributions for supplemental needs not covered by benefit programs, such as:

  • Additional therapies or medical care not covered by Medicaid

  • Educational opportunities and specialized programs

  • Electronic equipment, computers, and communication devices

  • Recreational activities and vacations

  • Transportation

  • Home furnishings and clothing

  • Personal care items

  • Entertainment and hobbies

Types of Special Needs Trusts We Establish

At Perseverance Planning, we help families establish various types of trusts based on their specific circumstances and goals:

1

Third-Party Special Needs Trusts

Created and funded by someone other than the beneficiary (typically parents, grandparents, or other family members), these trusts can be established during life or through a will or revocable living trust. Key advantages include:

  • No payback provision to Medicaid after the beneficiary's death

  • Flexibility in naming remainder beneficiaries

  • Can be funded with life insurance, inheritance, or other assets

  • Can be established as part of a comprehensive estate plan

2

First-Party Special Needs Trusts(Self-Settled)

Established with assets that belong to the individual with disabilities, such as personal injury settlements, inheritance received directly, or accumulated savings. These trusts:

  • Require a Medicaid payback provision upon the beneficiary's death

  • Must be established before the beneficiary turns 65

  • Can be created by a parent, grandparent, guardian, court, or the individual themselves

3

Pooled Special Needs Trusts

Managed by nonprofit organizations that pool funds for investment purposes while maintaining separate accounts for each beneficiary. These can be appropriate for:

  • Smaller asset amounts that may not justify an individual trust

  • Situations where no family member is available to serve as trustee

  • Both first-party and third-party funding

Supplemental Trusts: Beyond Basic Needs

In addition to Special Needs Trusts that protect government benefits, we also establish supplemental trusts designed to enhance quality of life. These can work in conjunction with SNTs to provide a comprehensive support system that addresses:

  • Educational opportunities

  • Travel and experiences

  • Additional caregiving support

  • Adaptive equipment and technology

  • Home modifications

  • Recreational activities

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Experienced Trust Administration Guidance

Establishing a trust is just the beginning. Proper administration is essential to maintaining benefit eligibility and maximizing the trust's effectiveness. We provide:

  • Trustee education and support

  • Guidance on appropriate distributions

  • Coordination with government benefit agencies

  • Ongoing compliance monitoring

  • Assistance with annual reporting requirements

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Why Choose Perseverance Planning for Your Special Needs Trust?

Our team brings together legal expertise and financial knowledge to create trusts that are:

  • Legally sound and compliant with current regulations

  • Financially sustainable for the long term

  • Flexible enough to adapt to changing circumstances

  • Tailored to your loved one's specific needs and preferences

Harry J. Brown

President, Harry J. Brown Attorney at Law, PLLC

Experienced estate planning attorney

Chris Jennings

President, Full Circle Financial Group

Financial Advisor and Chartered Special Needs Consultant

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Secure Your Loved One's Future with a Special Needs Trust

Contact Perseverance Planning today to learn how we can help you establish the right trust for your loved one's unique situation.

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Contact Us:

Call Us | (757) 995-4562

582 Lynnhaven Parkway, Suite 100

Virginia Beach, VA 23452

Privacy Policy

Securities and investment advisory services offered through Osaic Institutions, Inc., Member FINRA/SIPC. Full Circle Financial Services and Perseverance Planning are trade names used and are not affiliated with Osaic Institutions. Insurance services offered through Full Circle Insurance Services are separate and not affiliated with Osaic Institutions. This website is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services in any jurisdiction where not properly registered or exempt from registration.

 

Christopher Jennings is a registered representative of Osaic Institutions, Member FINRA/SIPC, and an investment advisor representative of Osaic institutions. Services related to special needs planning may include investment strategies, insurance solutions and estate considerations.  Any legal services referenced on this site are offered separately by an on-site attorney and are not affiliated with Osaic Institutions. Perseverance Planning is a brand name used by Full Circle Financial Group to provide educational content and planning guidance for families with special needs. Not all services described herein are offered through Osaic Institutions; please consult your representative for details.

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