Special Needs Trust
A Special Needs Trust is a trust established for the benefit of an individual who suffers from one or more disabilities.
Generally, as a result of these disabilities, the individual is not able to support his or her self and is maintained by dint of various federal, state, and local programs. Such programs can include Supplemental Security Income (SSI) and Medicaid. Special Needs Trusts can be established by the parents or grandparents of the disabled individual or by a court in the case of a liability settlement. They are used to provide various luxuries and comforts that are not provided by government programs. Care must be taken in drafting such trusts to insure the beneficiary remains eligible for government support.
Many financial institutions will refuse to serve as Trustee or Agent for Trustee of a Special Needs Trust. Essex Savings Bank’s Trust Department has
experience and administrative knowledge to serve as Trustee of such trusts.
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