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Family Wealth Ideas: Third Party Special Needs Trust


estate planningQ: What is a Third Party Special Needs Trust?

A: A Third Party Special Needs Trust is set up by someone, usually a parent or grandparent, other than the beneficiary.  The goal of a Third Party Special Needs Trust is to make funds available for extra expenses of a person who is receiving government benefits for a disability, without disqualifying the beneficiary for those government benefits. In Missouri some of the magic words to create a special needs trust are that the trust is intended to “supplement” rather than “supplant” the government benefits.  A Third Party Special Needs Trust may pass to other beneficiaries upon the death of the special needs beneficiary.  (The requirements to make a Special Needs Trust effective are more complicated than this simple explanation.)

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David Heilich, Member in Charge, Family Wealth Planning Group

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