Roger Keller is vested with having a special needs son and setting up the same Special Needs Trust Fund, which was used to send him to college. Learn more about his story below and how the Fund benefited them.
How a Special Needs Trust Works
A properly drafted Special Needs Trust can be designed to round out the government benefits a special needs individual receives by providing care and services not covered by those benefits. Simultaneously, SNTs strive to ensure that any distribution from the trust does not disqualify the special needs individual from receiving ongoing movement support.
Funding of an SNT
The SNT can be funded with a variety of different assets, including cash, bonds, mutual funds, and life insurance.
Benefits of Using Life Insurance With a Special Needs Trust
The benefits of using Life Insurance can provide much flexibility to you and your loved ones.
- Provides the funds to help replace the services of a caregiver.
- The life insurance proceeds are generally received income tax-free.
- Life insurance death benefit provides cash to fund the trust over the lifetime of the special needs individual, enhancing and/or supplementing the benefits provided under government programs.