Settling a lawsuit for a physically or mentally disabled individual under 65 years of age may require special consideration. To prevent the interruption of any benefits the claimant is receiving from the government, the creation of a Special Needs Trust (SNT) may be necessary. All settlement monies can then be deposited into the trust which can then be used to purchase approved goods and services for the beneficiary. This allows the claimant to receive the full settlement amount without sacrificing eligibility for Supplemental Security Income (SSI), Medicaid or other government benefits. Created by the Federal Omnibus Budget Reconciliation Act of 1993, Special Needs Trusts (SNT) can be funded with lawsuit recoveries of cash or structured settlement installments. If the claimant does not have a parent, grandparent, or guardian, the court can set up a Special Needs Trust for receipt of the settlement.
For More Information Please Contact:
S. Brady Whitaker
Chief Executive Officer
Hanson D. Street
Director of Business Development