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thepartners@wrigleys.co.uk

Leeds: 0113 244 6100

Sheffield: 0114 267 5588

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What is a special needs trust?

Special needs trusts (sometimes also called  ‘personal injury trusts’ or a ‘trusts for disabled people’)  are a legally binding arrangement that can help you to provide for a friend or family member with a disability, learning difficulty or other special needs. They can be used to protect your own legacy to your loved one as well as any funds of their own including those arising from litigation, insurance or compensation claims.

The benefits of a special needs trust

One major advantage of  special needs trusts is that the beneficiary can usually continue their entitlement to local authority support and means-tested state benefits. This type of trust will usually attract Income Tax benefits for its vulnerable beneficiary and in some circumstances there are Inheritance Tax advantages too.

Establishing and managing your trust

With many years of experience in understanding the subtleties of individual needs and circumstances, and the legal and financial tools that can be designed to meet them, we can give you the tailored advice, services and support you need to create and manage your special needs trust. Family members often choose to act as trustees and oversee the running of the trust. However our specialist Trust Administration Department can help with this or indeed manage the trust for you.

In practice, a special needs trust can mean, for example, that your disabled child will be able to continue living in the family home (with support if necessary) even after you are gone.  

Call us on 0114 267 5588 to talk about special needs trusts: we’re here to help.

06 Dec 2019

The Brexit Party Manifesto 2019

The Brexit Party's Manifesto includes only two pledges in relation to tax.

05 Dec 2019

The Green Party Manifesto 2019

We look here at the Green Party's key tax pledges in their proposal for a 'Green New Deal'.

04 Dec 2019

The Liberal Democrat Party Manifesto 2019

Like all of the three main parties' manifestos, the treatment of capital taxation in the Liberal Democrats' manifesto is limited. What can we glean?