Cambridge Disabilities Planning Supplemental Needs Trusts
- Pooled Trusts— a person receiving public benefits for a disability may be able to receive an inheritance or proceeds from a personal injury suit and still be eligible to continue receiving public benefits including subsidized housing and supplemental social security income . We have worked with numerous people who received money from personal injury settlements/judgments, life insurance payouts and inheritances and created a pooled trust so they continue their eligibility for their benefits.
- Uniform Transfer to Minors Act (UTMA)-– is a bank account established under the Uniform Transfer to Minors Act (or Uniform Gifts to Minors Act-UGMA) and the least expensive method of holding assets for an minor until they reach the age of majority. This type of trust enables an adult (the Custodian) to control the money while the child is under age and use the money only for the benefit of the minor. The minor does not have access to the funds until the age of 18 and is therefore kept protected.
Frank V. Grimaldi does Disabilities Planning and establish Supplemental Needs Trusts in Cambridge, MA.