A special needs trust is a document created by attorney to address the needs of an individual with a disability. The trust permits a person with a physical or mental disability to have assets held in trust for his or her benefit. If the trust is properly constructed, the assets held by the trust may provide supplemental care over and above that which the Government provides.
Even if the family has substantial assets that can assist the individual, a special needs trust can be helpful. There are specific provisions that an attorney can design into the trust document to take care of the disability, and the assets of the trust may not be subject to the claims of creditors.
Life insurance proceeds may be assigned to a special needs trust to help take care of a disabled or special needs individual. If you have additional questions about how a special needs trust can be used, or would like a quote for life insurance to be used in conjunction with a special needs trust, please give us a call at 1-800-571-2980 from 9 AM to 9 PM Eastern Standard Time, or e-mail us at Info@terminsurancebrokers.com 24 hours a day.