1 in 5 adults have a mental illness and nearly 1 in 25 adults have a serious mental illness. When an illness impacts the individual’s ability to work or manage their finances, a plan is necessary to ensure careful management of funds. There are multiple options for future financial planning for loved ones with mental illness, but one such option is a Pooled Special Needs Trust (PSNT).
This article provides information about PSNTs, the benefits of using a PSNT, what can be paid for by the trust, and the steps to establish one.
https://www.nami.org/Blogs/NAMI-Blog/December-2020/What-Is-a-Pooled-Special-Needs-Trust