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Wispact offers two types of Special Needs Trusts: the Self-Funded Trust and the Third-Party Trust. These Special Needs Trusts will not be counted as an available asset, and disbursements from them will not be counted as income under the rules that apply to SSI and Medicaid.
There are three types of special needs trusts in Wisconsin. The first is a self-settled trust. A self-settled trust is funded by the beneficiary themselves, and the beneficiary must be under the age of 65.
Special Needs Trusts are complex and need to comply with very specific rules to protect the disabled person’s assets. Depending on the type of SNT, it can be created by the disabled person, parents or grandparents, court-appointed guardian or court order.
Based on your child’s needs and your financial situation, decide on the most appropriate type of special needs trust. Your attorney can help you understand the benefits and limitations of each option, particularly within the context of Wisconsin special needs trust laws.
The essential purpose of a special needs trust is usually to improve the quality of an individual’s life without disqualifying him or her from eligibility for public benefits. Therefore, one of the central duties of the trustee of a special needs trust is to understand what public benefits programs might be available
Wispact Inc. is a private nonprofit organization that administers pooled and community Special Needs Trusts for people with disabilities. Based in Madison, Wispact manages the Special Needs Trusts for more than 3,000 people throughout the state of Wisconsin.
What Makes a Special Needs Trust Special? A PSNT holds property and is administered for the benefit of its beneficiaries, all of whom have a disability. They are commonly used to protect the beneficiary’s eligibility or qualification for government-provided means-tested benefits.