A special needs trust is a type of trust that is typically established for a person with special needs who receives benefits from government programs. A properly drafted special needs trust can promote the beneficiary’s independence and well-being. A special needs trust can also allow the beneficiary to remain eligible to receive government benefits while utilizing the trust assets to supplement their needs.
There are three main types of special needs trusts: first-party special needs trust, third-party special needs trust, and pooled special needs trust.