A Special Needs Trust can be your primary savings tool for the future. It allows you to develop savings without jeopardizing your ability to receive government benefits.
They can be used for anyone receiving public benefits, such as Supplemental Security Income or Medicaid.
Items to remember when setting up a special needs trust:
• What supports do you need to manage these finances? How will you protect yourself from fraud?
• Will you need a lawyer?
• The Special Needs Trust needs to be separate from any other living trust your family may have.
• The trust is irrevocable in your name once funded, but the trust owns the assets, not you.
You can also look into the ABLE Act, a tax-free savings accounts to cover qualified expenses such as education, housing and transportation.