Multiple Special Needs Trusts? Read on:
CLIENT QUESTION:
Twenty-six years ago we opened a Special Needs Trust for our daughter, who currently resides in a group home. Our daughter’s Social Security benefits have increased, whereas she is currently taking in more than her room and board costs. Her agency must keep accounts under $2,000 to maintain benefits such as Medicaid and SNAP.
The agency advises using their agency special needs trust where the Social Security overage can be deposited. Our daughter’s money can pay the modest $300 opening fee.
Here is the question: Are we able to have two Special Needs trusts for our daughter?
MY RESPONSE:
YES! You can have 20 Special Needs Trusts in all shapes and sizes. An ABLE account may be helpful as well. The proper trust choice will depend on several factors, including costs, control, and where the money may go at the time of your daughter’s death (if money remains in the trust/account at the time).
I hope this helps. |