A Special Needs Trust is a trust created to preserve a beneficiary's eligibility for government need-based programs such as Medicaid, Medi-Cal, and SSI while maintaining assets in the trust to supplement the government benefits but not replace them. The trick is to ensure the beneficiary does not own the assets held in trust.
Special Needs Trusts are desirable for those with a physical or mental disability such that the individual can still inherit from family members but not become disqualified for public benefits as a result.
There are two types of Special Needs Trusts:
(1) First Party Special Needs Trust - a trust funded with assets belonging to the individual with the disability.
(2) Third Party Special Needs Trust - a trust funded with assets belonging to a third party
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