Are You Curious About A First-Party Supplemental Trust?

Setting up a trust can be an excellent way to take care of someone you love who has special needs. One type of trust available to you is a first-party special needs trust.

If you are interested in establishing a trust for your child, grandchild, sibling or another loved one who has special needs, you can turn to our team at Enea, Scanlan & Sirignano, LLP for advice. Our caring and knowledgeable special needs planning attorneys have decades of experience providing legal counsel to the people of White Plains and the surrounding region.

What Is A First-Party Special Needs Trust?

A first-party special needs trust, also called a first-party supplemental trust, is meant for assets that are already in the name of the beneficiary. They are common when someone with special needs inherits assets or receives a court settlement. They are also popular among people who possess assets in their name but become disabled. By placing these assets in a trust, they allow the beneficiary to qualify for certain government benefits. A mentally and legally competent beneficiary can establish a trust for themselves, or a beneficiary’s relative can establish one for them.

How Is It Different From A Third-Party Special Needs Trust?

By contrast, a third-party special needs trust is a trust for the assets belonging to a third party, not the beneficiary. Some examples can include the beneficiary’s parents, siblings, spouse or grandparents. These trusts function in a similar way; a trustee can manage the assets, and placing the assets in a trust can allow the beneficiary to collect certain public benefits.

Discuss Your Options With A Lawyer Today

If you want to learn more about setting up a special needs trust, contact Enea, Scanlan & Sirignano, LLP. Our knowledgeable team is ready to assist you. Please set up an initial consultation by calling 914-269-2367 or by using our online contact form.