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CASH MANAGEMENT

Special Needs Trust

Administration of a Special Needs Trust can be quite daunting as misappropriation or incorrect distribution of funds may cause significant issues with government benefits. An experienced corporate trustee will provide the peace of mind that these benefits are secure. The two types of Special Needs Trust are:

First-Party Special Needs Trust or Self-Settled Special Needs Trust

  • Funded with assets that legally belong to the special needs beneficiary, which are typically inherited assets, legal settlements or life insurance proceeds
  • Must have provisions directing the trustee to reimburse state agencies for benefits received during special needs beneficiary's lifetime

Third-Party Special Needs Trust

  • Established by someone other than the special needs beneficiary with assets that never belonged to the beneficiary, this type of trust provides significantly greater benefits as there is no "payback" provision

Investments offered by Trust and Investment Services are NOT FDIC INSURED, provide NO BANK GUARANTEE, and MAY LOSE VALUE.

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