Providence RI Special Needs Trusts

What are Providence Special Needs Trusts?

It is a particular type of trust that never gives beneficiaries actual funds. Instead, an assigned trustee will spend money on the beneficiary. The trustee can purchase whatever items for the beneficiary. Purchased items can include:

• Vacations
• Cars
• Boats
• Education
• Medical Expenses

The trustee can purchase just about any good or service for the beneficiary, helping disabled people receiving SSI, Medicaid or subsidized housing. If you don’t leave your heir any actual money, he will still be eligible for government benefits. An inheritance can quickly deplete if government benefits discontinue.

You want to make sure your loved one is taken care of, even after you pass away. Providence special needs trusts may be the perfect solution to ensuring his financial security

Personal Injury Settlements

Providence special needs trusts can also be used to protect settlement money. If your loved one received a lump settlement, you probably want that money to last. They may have long-term needs, so it is important for these individuals to keep their government benefits. Providence special needs trusts may be the best option.

Pooled Trusts

Pooled trusts are a type of Providence special needs trusts that are run by nonprofit organizations. The nonprofit organizations will pool together many people’s funds. The combined money is then used to purchase items for all heirs. There are two reasons a person may prefer a pooled trust. The first is not having someone you trust to appoint as the trustee. The second reason is not having enough funds to set up a private special needs trust.