What is the difference between a self-settled and a third-party special needs trust?

A first-party, or self-settled, special needs trust is established using assets owned by the person with special needs but must be established by the parent, grandparent, or guardian of the person with special needs or by a court. A self-settled special needs trust is most frequently needed when a disabled individual receives a lump sum of money, such as the result of a settlement for injuries in a personal injury accident. A third-party special needs trust is established by a third-party using assets of the third party for the benefit of a person with special needs. This type of special needs trust is most often established by a parent, or other family member, for the benefit of a child with special needs.

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