Families in Missouri caring for a loved one with a disability often face the difficult challenge of planning for their future without disrupting critical public benefits like Medicaid or Supplemental Security Income (SSI). Even modest gifts or inheritances can unintentionally disqualify someone from these essential programs.
A Special Needs Trust (SNT) is a legally recognized way to set aside money or property to enhance a person’s quality of life without disqualifying them from means-tested benefits.
At Hannam Law, we help Missouri families create and manage Special Needs Trusts tailored to their specific needs and goals. We guide you through the options:
Types of Special Needs Trusts:
- First-Party Special Needs Trust
Funded with the beneficiary’s own assets (e.g., from a personal injury settlement or inheritance). Required to include a Medicaid payback provision upon the beneficiary’s death. - Third-Party Special Needs Trust
Funded by someone else—typically parents or grandparents—as part of an estate plan. This trust does not require a Medicaid payback and can direct remaining funds to other heirs. - Pooled Trust
Managed by a nonprofit organization, a pooled trust combines assets from multiple beneficiaries for investment purposes, while still maintaining separate accounts. A good option for smaller estates or when a professional trustee is preferred.
Why Create a Special Needs Trust?
- Preserve eligibility for Medicaid, SSI, and other public benefits
- Provide funds for education, therapies, home modifications, travel, and more
- Protect assets from misuse, financial abuse, or exploitation
- Ensure a structured plan is in place for your loved one’s lifetime care
Our experienced Missouri elder law attorneys will help you choose the right trust structure, draft the necessary documents, seek Court approval if needed, and ensure full legal compliance—so you can focus on your family, not legal worries.
The preceding article is for information purposes only and is not intended to be legal advice. Start planning today to protect tomorrow. Contact Hannam Law to schedule your consultation.