This form is a trust used to provide supplemental support for a disabled beneficiary without loss of government benefits. It may be revocable or irrevocable, as the funds are contributed by a third party, and not the beneficiary. The Omnibus Budget Reconciliation Act of 1993 established the supplemental needs trusts.
North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement established to provide financial support and protect the assets of individuals with disabilities in North Dakota. It aims to supplement the public benefits received by these individuals without jeopardizing their eligibility for government assistance programs. This type of trust is created by a third party, such as a family member or friend, on behalf of a disabled beneficiary. It allows the disabled individual to receive assets and income from the trust while ensuring that their eligibility for Medicaid, Social Security Income (SSI), and other means-tested government benefits is preserved. There are several variations of North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary, including: 1. Irrevocable Supplemental Needs Trust: This type of trust is designed for disabled individuals who require financial assistance for their medical care, housing, education, transportation, and other needs. The trust assets are managed by a trustee who disburses funds on behalf of the beneficiary. The trust is irrevocable, meaning that it cannot be changed once established. 2. Pooled Special Needs Trust: In cases where the disabled beneficiary does not have a family member or friend available to establish a trust on their behalf, a pooled special needs trust can be utilized. This trust combines the assets of multiple disabled beneficiaries into one large trust fund, managed by a nonprofit organization. Each beneficiary has a separate account within the trust, and the funds are disbursed according to their individual needs. 3. Testamentary Special Needs Trust: This type of trust is created through the last will and testament of the donor. It comes into effect upon the death of the donor, ensuring that the disabled beneficiary will receive financial support and protection even after the donor's passing. North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary offers a range of benefits, including protecting the beneficiary's assets from creditors, providing funds for additional medical care and therapies, supporting education and vocational training, and enhancing the overall quality of life for the disabled individual. In conclusion, North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary is a valuable legal tool that ensures the financial security and well-being of individuals with disabilities. By establishing such a trust, third parties can provide essential support without jeopardizing the beneficiary's eligibility for crucial government assistance programs.North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement established to provide financial support and protect the assets of individuals with disabilities in North Dakota. It aims to supplement the public benefits received by these individuals without jeopardizing their eligibility for government assistance programs. This type of trust is created by a third party, such as a family member or friend, on behalf of a disabled beneficiary. It allows the disabled individual to receive assets and income from the trust while ensuring that their eligibility for Medicaid, Social Security Income (SSI), and other means-tested government benefits is preserved. There are several variations of North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary, including: 1. Irrevocable Supplemental Needs Trust: This type of trust is designed for disabled individuals who require financial assistance for their medical care, housing, education, transportation, and other needs. The trust assets are managed by a trustee who disburses funds on behalf of the beneficiary. The trust is irrevocable, meaning that it cannot be changed once established. 2. Pooled Special Needs Trust: In cases where the disabled beneficiary does not have a family member or friend available to establish a trust on their behalf, a pooled special needs trust can be utilized. This trust combines the assets of multiple disabled beneficiaries into one large trust fund, managed by a nonprofit organization. Each beneficiary has a separate account within the trust, and the funds are disbursed according to their individual needs. 3. Testamentary Special Needs Trust: This type of trust is created through the last will and testament of the donor. It comes into effect upon the death of the donor, ensuring that the disabled beneficiary will receive financial support and protection even after the donor's passing. North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary offers a range of benefits, including protecting the beneficiary's assets from creditors, providing funds for additional medical care and therapies, supporting education and vocational training, and enhancing the overall quality of life for the disabled individual. In conclusion, North Dakota Supplemental Needs Trust for Third Party — Disabled Beneficiary is a valuable legal tool that ensures the financial security and well-being of individuals with disabilities. By establishing such a trust, third parties can provide essential support without jeopardizing the beneficiary's eligibility for crucial government assistance programs.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
