Special needs trust
Special Needs Trust: Also known as a Spendthrift , Luxury, Discretionary, or Supplementary Trust. It may be created as a Living Trust during the life of the person (grantor) or as a Testamentary Trust after the death of the person (grantor). It is designed to provide for the supplementary needs of the disabled person over and above that being given by the government. The trust funds are not to supplant or replace government programs. Once the basics of food, shelter, medical care, education, etc., are met by the government, the trust can provide additional funds to enhance the quality of life. The trustees should never give more funds than would cause a loss or reduction of government benefits unless there is an emergency. The trust is not in the name of the child. The disbursement of funds is left to the "discretion" of the trustee/successor trustee. This type of trust is not considered an asset for determining government benefits. Only those funds which are actually disbursed directly to the child will count as earned or unearned income.
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