Learning Cafe Recap: Special Needs Trusts & Vista Points
In September, Takacs McGinnis Elder Care Law offered a Learning Cafe on Special Needs Trusts. Vista Points, the Special Needs Trust resource center, was a special guest.
A Trust is created when a person gives tangible assets to another person to manage for a third person’s benefit. Special Needs Trusts are created specifically for the benefit of those with physical and/or mental disabilities, including those with mental disabilities who lack the capacity to manage their own finances.
Often, Special Needs Trusts come into play when someone who is receiving government benefits inherits money from a relative or receives a large sum of money from a settlement, which in turn puts that person at risk of losing those government benefits. This is often a problem because the inheritance or settlement isn’t enough to cover the person’s cost of living, but is just enough to kick them off the government benefit they rely on for their necessities.
Having the money go directly into the Special Needs Trust will protect the person from loss of benefits. Additionally, the assets placed in the Trust can be used to purchase products and services for the benefit of the person with special needs such as personal care attendants, medical and dental expenses, home furnishings etc.
Vista Points is a non-profit association in Tennessee used to create Special Needs Trusts to which funds are transferred. The Trustee (Vista Points) administers the money for the benefit of the person living with a disability. Serving as a Trustee of a Special Needs Trust is a difficult and exacting job that family members often do not want to take on, which is why a non-profit association like Vista Points is a good option.
To learn more about Special Needs Trusts, just give Takacs McGinnis a call. 615.824.2571.