Have you heard the terms “special” needs trust and “supplemental” needs trust and wondered what the difference is? The simple answer is that there’s no difference.
Whether supplemental or special, these trusts serve the same purpose of helping meet the needs of individuals with disabilities while still permitting them to qualify for vital public benefits programs. But there are different categories of special needs trusts and important differences between them that warrant a longer explanation.
There's a reason both names have been used. Read the article linked below to learn the history of these types of trusts.
Over time, both types of trusts have come under the rubric of special needs trusts. The term "special needs trust" refers to the purpose of the trust — to pay for the beneficiary's unique or special needs. In short, the name is focused more on the beneficiary, while the name "supplemental needs trust" addresses the shortfalls of public benefits programs.
Find out more: Supplemental vs. Special Needs Trusts: Any Difference?
If you have questions and would like to speak with an attorney about a Special Needs Trust, give us a call at (605) 275-5665.