Special needs trusts are costly to administer. Consequently, there are some situations where it is prudent to explore more cost-effective options, usually due to smaller asset amounts available to fund the trust. Alternative options are limited and subject to review by public benefit agencies.
MSNT encourages individuals, families, guardians and service organizations to explore the other options to a special needs trust. Special needs trusts are a useful tool and a long-term plan for savings; however, they are not always a good fit for everyone. Alternatives to opening a trust include spending down the funds, prepayment of living expenses and ABLE accounts. Read below for more information on each.
