What is SNT in healthcare?

Establishing an SNT requires careful planning and the expertise of a qualified attorney who specializes in this area of law. The trust must be structured in compliance with specific legal requirements to ensure its validity and the continued eligibility of the beneficiary for government benefits.

One of the primary advantages of an SNT is that it provides a long-term solution for the financial security of the disabled individual. The trust can be funded with various assets, including cash, property, and investments, and can be managed by a trusted individual or institution.

A Special Needs Trust, also known as an SNT, is a legal instrument designed to benefit individuals with disabilities. It enables these individuals to receive financial support and assets without jeopardizing their eligibility for crucial public assistance programs.

In addition to maintaining eligibility for government benefits, an SNT also offers flexibility in terms of how the funds are used. The trustee, who is responsible for managing the trust, can make decisions based on the beneficiary's needs and best interests.

Typically, owning substantial assets can disqualify an individual from receiving government benefits such as Medicaid and Supplemental Security Income (SSI). However, with an SNT in place, the assets are held in trust for the beneficiary's benefit, rather than being directly owned by them.