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What Can a Special Needs Trust Cover?

John ShahidiVerified
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Summary：A special needs trust can cover medical expenses, education, housing, transportation, entertainment, and more for individuals with disabilities. Investment strategies vary.

What Can a Special Needs Trust Cover?

ASpecial needs trust, also known as aSupplemental needs trust, is a legal tool designed to provide financial support for individuals withDisabilitieswithout disqualifying them fromGovernment benefits. Such trusts can cover a wide range of expenses that are not covered by public assistance programs, from medical and dental treatments to education and travel. Let's take a closer look at what a special needs trust can cover.

1. Medical and Dental Expenses

One of the most common uses of a special needs trust is to cover medical and dental expenses. This includes doctor visits, hospital stays, surgeries, prescription drugs, and other treatments that are not covered by government programs. The trust can also pay for medical devices, such as wheelchairs, prosthetics, hearing aids, and other assistive technology.

2. Education and Training

The trust can also pay for education and training expenses for individuals with disabilities. This includes tuition, books, supplies, and other education-related expenses. It can also cover the cost of vocational training, job coaching, and job-related equipment and tools.

3. Housing and Home Modifications

A special needs trust can be used to pay for housing expenses, such as rent, mortgage payments, property taxes, and utilities. It can also cover the cost of home modifications, such as wheelchair ramps, grab bars, and other accessibility features.

4. Transportation and Travel

The trust can also pay for transportation and travel expenses, such as accessible vehicles, public transportation, and travel-related accommodations. This includes airfare, hotel accommodations, and other travel-related expenses that are necessary for individuals with disabilities.

5. Entertainment and Enrichment Activities

A special needs trust can also be used to pay for entertainment and enrichment activities, such as music lessons, art classes, and other recreational activities. This can help individuals with disabilities to lead more fulfilling lives and to participate in activities that they enjoy.

Investment Strategies for Special Needs Trusts

When it comes to investing the funds in a special needs trust, there are several strategies to consider. One approach is to invest in a diversified portfolio of stocks, bonds, and other assets that can generate income over time. Another option is to invest in real estate, such as rental properties, that can provide a steady stream of rental income.

It's important to work with a financial advisor who has experience in special needs planning to ensure that the investment strategy is appropriate for the individual's needs and goals. With careful planning and management, a special needs trust can provide financial security and peace of mind for individuals with disabilities and their families.

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Special needs trustSupplemental needs trustGovernment benefitsInvestment strategiesDisabilities
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