Special needs trusts and integrated estate plans for Spencer families.
Special needs planning protects benefits the family has worked to establish while ensuring resources supplement the beneficiary's life over a long horizon.
A third-party special needs trust holds funds belonging to someone else.
A first-party special needs trust holds funds belonging to the person with the disability. Federal law requires Medicaid payback at death.
A trust that holds money for a person with a disability without disqualifying them from means-tested public benefits like SSI or SoonerCare.
Third-party trusts hold money belonging to someone else (parents, grandparents). No Medicaid payback at death. First-party trusts hold money belonging to the person with the disability. Generally must include Medicaid payback.
Often a co-trusteeship: a family member who knows the beneficiary paired with a professional trustee.
Oklahoma offers ABLE accounts. Useful complement to a special needs trust.
Yes. A third-party special needs trust funded by grandparents leaves money for the grandchild without disrupting benefits.
Depends on trust type. Third-party trusts pass to remainder beneficiaries. First-party trusts must reimburse the state for Medicaid services received.
Quickly. Direct the funds into a properly drafted first-party special needs trust at the time of payout.
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