In Michigan, how a special needs trust is funded determines what type of special needs trust needs to be created. A special needs trust is created to ensure that loved ones receive needed governmental benefits while protecting assets that can be used to improve quality of life.
If a special needs trust is going to be funded by a family member, friend either through gifting or an estate plan, a third party special needs trust can be created.
The second type of special needs trust, called a first person special needs trust, is created by the person who wishes to receive governmental benefits.
Special needs trusts have specific rules depending on which type of special needs trust is used, that is why it is important to speak with a Michigan special needs trust lawyer who is familiar with the area of law.
-Christopher J. Berry, Esq.
Michigan Wills and Trusts Attorney
If a special needs trust is going to be funded by a family member, friend either through gifting or an estate plan, a third party special needs trust can be created.
The second type of special needs trust, called a first person special needs trust, is created by the person who wishes to receive governmental benefits.
Special needs trusts have specific rules depending on which type of special needs trust is used, that is why it is important to speak with a Michigan special needs trust lawyer who is familiar with the area of law.
-Christopher J. Berry, Esq.
Michigan Wills and Trusts Attorney
