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Special Needs Trust
If you are on Medicaid and/or are receiving Supplemental Security Income "SSI", are under the age of 65 years and either blind or disabled, you may be able to preserve your eligibility status through the use of certain exempt trusts. Such trusts are known as Special Needs Trusts or Supplemental Needs Trusts. A Special Needs Trust is typically used when the source of funds are your own, e.g., if you are are awarded money from a personal injury settelement or from an inheritance. This trust is also known as a "payback trust" which means that upon your death the remainder of the trust will be paid back to Medicaid for the amount paid out for your care.
A supplemental needs trust is typically used for money that is derived from a third party, e.g., a parent or grandparent. The remainder does not need to be paid back to Medicaid. Supplemental needs trusts can also be established in a person's will for a disabled beneficiary.
If you are interested in establishing a Special Needs Trust or a Supplemental Needs Trust and would like further information, please contact Mark Gallo, Esq. at
718-761-6464.