What We Do
Special Needs Trusts maximize resources to individuals with disabilities
The IDA serves as trustee of self-settled, third-party settled trusts, both as stand-alone trusts and within the Pooled Trust. Special needs trusts serve to maximize public and private resources available to individuals with disabilities and to extend the shelf-life of existing assets in order to provide for supplemental needs/benefits.
Additionally, there are many variables/dynamics that cannot be planned for or anticipated, including the needs of the person with disabilities, the uncertainty as to what government benefits will provide, and available advancements in technology. Creation of a special needs trust can advance the best interests of the person with disabilities by setting aside funds to meet those important needs.
For parents and other family members of persons with disabilities, creating a third-party funded special needs trust, either now or as part of an estate plan, may provide peace of mind, knowing your loved one with disabilities has resources beyond what public benefits may provide.
Read a brief description below about the 2 main types of trusts to see which one is right for your situation.
Self-settled trusts are created with the disabled person’s own funds. When the person with disabilities receives funds through a personal injury suit, medical malpractice suit, or inheritance, it may be appropriate to create a special needs trust with these funds.
Family (other than the disabled person’s spouse), friends and others may choose to fund a third-party special needs trust for the disabled person, either by transferring their own cash or other assets or providing for the transfer via a will, trust or life insurance policy.