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Special Needs Trust

Suppose a need arises to care for someone in your family with a disability. A Special Needs Trust is designed to manage resources while maintaining a person’s eligibility to receive public assistance benefits.

Special needs trusts are stringently regulated. This is why it is vital that you consult with Dunham Trust Company senior trust officers and an attorney familiar with special needs trusts and government benefits. This helps assure that the trust can benefit the person with a disability without losing access to government services and assistance.

A person with a disability cannot receive government benefits as the owner of a trust. A special needs trust is established and administered by someone else for the disabled person who is declared a beneficiary. The trustee has absolute discretion to determine when and how much the beneficiary receives.

Given stringent government requirements, it is critical that a special needs trust be carefully drafted. Dunham Trust Company senior trust officers have the expertise to help you create a trust that meets the needs of the disabled person and satisfies government requirements.

The information above is general in nature and not intended as legal or tax advice. Please consult with your tax professional or attorney regarding guidance for your individual circumstances. Dunham Trust Company recommends you authorize our senior trust officers to work in tandem with your trusted financial professionals.

Such trusts are used to develop a vehicle for donations to a favorite charity, which also allows for the reduction of income taxes through a charitable deduction and favorable tax treatment at the date of the gift by non-recognition of built-in-capital gains.

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