A special needs trust in Georgia gets used for special needs planning.
The special needs individual does not own anything inside the trust.
They are the trust beneficiary.
This means that they can receive income and distributions from the SNT.
But the money has to get used for improving the quality of life with things like:
- special medical equipment (i.e., wheelchairs or wheelchair-equipped vans)
- health care costs not covered by insurance (i.e., dental and medical)
- healthcare providers
- medical care
- therapy or rehabilitation
- health care providers (i.e., caregivers and in-home nurses)
- travel costs for self and one other person
- entertainment costs (i.e., camp, movies, sports equipment)
- electronics (i.e., computers and tablets)
- legal advice and expenses
- insurance premiums
- life insurance
This way, the money from the SNT doesn’t get counted as income.
Which would disqualify the disabled individual from qualifying.
This money can only get used for supplemental needs to the public benefits programs.
A special needs trust in Georgia can pay for anything a parent would cover.
When it comes to helping a child beyond the basic needs of their life.
This list is not comprehensive.
An estate planning attorney can set up your special needs trust in Georgia.
And tailor it to your specific goals and special needs planning.
The family members creating the trust (grantor) appoint a trustee.
This trustee will manage the special needs trust in Georgia.
They will be responsible for distributing funds for the supplemental needs.
Let’s say the disabled individual places their own money and assets in an SNT.
These assets will be subject to Medicaid’s Payback Provision.
But assets provided by third parties, such as parents, are not.
(More on these two types of trusts below.)
This type of trust is sometimes also called a “supplemental needs trust.”
The Medicaid Payback Provision kicks in when the disabled beneficiary dies.
Every state that’s given them government benefits has the right to get reimbursed.
They can go after the assets in the special needs trust in Georgia.
And Medicaid gets reimbursed before the assets get passed to other beneficiaries.
But, that’s only if there are assets left in the trust.
If the trust assets get depleted, then they cannot claim any.
This is why it’s important to work with an estate planning attorney.
They can help set up different types of trusts in Georgia.
To make sure that the heirs get everything possible.