What is a special needs trust and how does it benefit individuals with health conditions/impairments?
STL Special Needs Trust is a legal arrangement designed to manage assets for the benefit of a person or persons with health conditions/impairments. It allows individuals with health conditions/impairments to receive supplementary support for various needs, such as medical care, housing, education, and recreational activities.
Who can establish special needs trust and who can be named as a beneficiary?
Special Needs Trust can be established by family members, legal guardians, or individuals themselves. Beneficiaries typically include individuals with health conditions/impairments who may require long-term care including emotional and financial support.
What expenses can be covered by funds from a special needs trust?
Funds from Special Needs Trust can cover a wide range of expenses that enhance the beneficiary’s quality of life, including medical, rehabilitation services, personal care attendants, education and tutoring, transportation, housing, and recreational activities.
What role does STL Trustees play in managing and administering the special needs trust?
STL Trustees serves as the Trustee responsible for managing and administering the Trust assets in accordance with the Trust document and applicable laws. Our duties include investment management, record-keeping, tax reporting, and making distributions to enhance the beneficiary’s quality of life.
How can I ensure that the trust reflects the unique needs and goals of my loved one with special needs?
We work closely with you to understand the specific needs and goals of the beneficiary, customizing the Trust provisions accordingly. We encourage open communication and periodic reviews to ensure the Trust remains aligned with the beneficiary’s evolving circumstances.
Can family members or friends contribute to the trust over time?
Yes, contributions to the Trust can be made by family members, friends, or other third parties at any time, allowing for ongoing financial support and peace of mind for the beneficiary’s future.