Special Needs Trusts:
A Special Needs Trust is typically created by a parent to meet the needs of a disabled family member. The trust can be created and money contributed to it while the parents are alive (inter vivos or "living trust") or established by a will (testamentary trust). The trust preserves funds and gives the trustee flexibility to meet training, medical, recreational and other needs of the disabled person over and above what would otherwise be provided by the government. It protects the person's eligibility for public support and prohibits the invasion of trust assets by anyone except the trustee for any purpose.
Settlement Trusts are often created by the court with the proceeds from a personal injury suit. A settlement trust functions very much like a special needs trust. It protects government entitlements for which the beneficiary maybe eligible. The trustee has the necessary technical expertise to carry out administrative and investment duties of the trust. As trustee, PIC consults closely with the family to provide input on specific needs of the beneficiary, spending matters and investment priorities.