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Interesting Questions
A Missouri special needs trust is a legal arrangement created to hold and manage assets for the benefit of individuals with disabilities.
Any individual who wants to provide financial assistance or inheritance to a person with special needs in Missouri can create a special needs trust.
A Missouri special needs trust allows assets to be held and managed by a trustee on behalf of a person with special needs. These assets are used to enhance the individual's quality of life without affecting their eligibility for government benefits.
Yes, there are two common types of Missouri special needs trusts: first-party special needs trusts and third-party special needs trusts.
A first-party special needs trust is created using the assets owned by the person with special needs, such as funds from a personal injury settlement or inheritance.
A third-party special needs trust is created using the assets owned by someone other than the person with special needs, such as a parent or grandparent.
It is recommended to create a Missouri special needs trust as early as possible to ensure proper management of assets and to protect the individual's eligibility for government benefits.
Yes, a Missouri special needs trust can be modified or revoked, but the process may involve court approval and should be done with the guidance of an experienced attorney.
After the beneficiary's death, any remaining assets in a Missouri special needs trust may be used to reimburse Medicaid or other government programs that provided benefits.
To find a qualified attorney in Missouri, you can seek referrals from local disability organizations, ask for recommendations from trusted friends or family members, or consult online directories of attorneys specializing in special needs planning.
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