What is a Special Needs Trust?
A special needs trust is usually a court supervised trust that protects the assets of an individual and still allows said person to qualify for additional governmental healthcare benefits. Because state-specific rules apply, these trusts can be complicated. Having a Special Needs Trust attorney is highly recommended and can help in drafting the proper Special Needs Trust Form.
Testamentary Special Needs Trust:
Sometimes these trusts can be formed from a Testamentary Special Needs Trust. Most of these types of trusts require a Special Needs Trust Bond that helps protect the assets in the trust from being stolen or mismanaged.
Special Needs Trust attorneys are very helpful in this process because they can help you draft the trust as well as outline the rules and expectations set upon the trustee. Filing an annual accounting for the trust is usually required.
Apply for a Special Needs Trust Bond from Patrick J Thomas Agency. We are licensed in numerous states and locally serve the Twin Cities – Minneapolis & St. Paul- with over 50 years of experience.