FAQ

What is a Special Needs Trust?
Aren’t trusts just for rich people?
What is the difference between a first party and a third party trust?
Why does the age of the person with a disability matter for first party special needs trusts?
How can I set up a trust for myself or a loved one with a disability?
What decisions must be made when setting up a trust?
What is the minimum amount to set up a trust?
What are the federal requirements for how special needs trust funds can be used?
Why use Midwest Special Needs Trust instead of a bank?
What fees does MSNT charge for a Special Needs Trust?

Trusts

Why use a special needs trust rather than a traditional trust?
Does a special needs trust account administered by Midwest Special Needs Trust (MSNT) protect an individual's eligibility for means-tested public benefits like SSI and Medicaid?
Are there other programs like MSNT in the nation?
Is the Midwest Special Needs Trust a state governmental entity?
What types of funds may be used to establish a special needs trust?
What is the minimum amount required to open a trust with the Midwest Special Needs Trust?
May more than one person contribute to the special needs trust?
May funds be added to the trust after the initial deposit?
How are individual trust account funds invested?
If the donor's financial status changes can the assets in the special needs trust be reclaimed?
Is the income from the trust taxable?
How does a beneficiary request distributions from a trust account administered by MSNT?
May the beneficiary of a third party trust receive funds from the trust prior to the death of the donor?
Will the donor and co-trustee receive regular statements on the financial performance of funds invested by the Midwest Special Needs Trust?
What are the administrative fees charged by Midwest Special Needs Trust for maintaining a special needs trust?
Must a beneficiary reside in the State of Missouri to participate in the Midwest Special Needs Trust?
Will a beneficiary's participation in the Midwest Special Needs Trust be affected if his/her state of residence changes?
Does one need the services of an attorney to establish a special needs trust with the Midwest Special Needs Trust?
Will a guardian for the beneficiary be necessary to ensure that his/her interests are protected?
Is it possible for a donor to make a tax deductible contribution to the Midwest Special Needs Trust?

When MSNT is Sole Trustee

When does MSNT serve as sole trustee?
Are additional fees collected by MSNT when it serves as co-trustee?
How does the life beneficiary request a trust distribution when MSNT is sole trustee?
What if the life beneficiary cannot complete the distribution request form? Who else can complete it on the beneficiary’s behalf?
Where can the beneficiary learn more about how to make requests and use the trust?
How can trust distributions be used?
What are the federal requirements for how special needs trust funds can be used?
What else is not allowed?
If trust funds can’t be paid to the beneficiary, how can distributions be made that will protect eligibility for public benefits?
What if a request is denied?
Am I required to report the trust to Social Security or Medicaid?
What if my eligibility for public benefits changes or other circumstances change?