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.
A Virgin Islands Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to help disabled individuals in the Virgin Islands maintain their eligibility for means-tested government benefits while still receiving additional financial support. This trust allows third parties, such as family members or friends, to contribute funds to enhance the quality of life and provide for the additional needs of a disabled beneficiary without jeopardizing their access to vital assistance programs. In the Virgin Islands, there are primarily two types of Supplemental Needs Trusts for third party disabled beneficiaries. They are: 1. First-Party Supplemental Needs Trust: This type of trust is funded with the disabled individual's own assets, such as an inheritance, lawsuit settlement, or personal injury award. The main advantage of this trust is to allow the disabled beneficiary to retain their government benefits while using the trust funds to cover additional expenses not covered by these programs. 2. Third-Party Supplemental Needs Trust: As the name suggests, this trust is created and funded by someone other than the disabled beneficiary. Typically, it is established by a family member or friend who wants to provide financial support to the disabled individual while ensuring they remain eligible for public benefits. The funds held in this trust can be used to cover a wide range of expenses, including medical and dental care, personal care attendants, transportation, education, recreation, and much more. The Virgin Islands Supplemental Needs Trust for Third Party — Disabled Beneficiary plays a crucial role in ensuring that disabled individuals receive the care and support they need without sacrificing their eligibility for government assistance. It allows them to maintain a better quality of life by covering the additional expenses not covered by public benefits. These trusts can be customized based on the unique needs and circumstances of the disabled beneficiary, providing them with peace of mind and financial security. By utilizing a Virgin Islands Supplemental Needs Trust for Third Party — Disabled Beneficiary, families and friends can bridge the gap between government support and the actual cost of living with a disability. This legal tool is an effective way to enhance the disabled individual's well-being, promote independence, and improve their overall quality of life.A Virgin Islands Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to help disabled individuals in the Virgin Islands maintain their eligibility for means-tested government benefits while still receiving additional financial support. This trust allows third parties, such as family members or friends, to contribute funds to enhance the quality of life and provide for the additional needs of a disabled beneficiary without jeopardizing their access to vital assistance programs. In the Virgin Islands, there are primarily two types of Supplemental Needs Trusts for third party disabled beneficiaries. They are: 1. First-Party Supplemental Needs Trust: This type of trust is funded with the disabled individual's own assets, such as an inheritance, lawsuit settlement, or personal injury award. The main advantage of this trust is to allow the disabled beneficiary to retain their government benefits while using the trust funds to cover additional expenses not covered by these programs. 2. Third-Party Supplemental Needs Trust: As the name suggests, this trust is created and funded by someone other than the disabled beneficiary. Typically, it is established by a family member or friend who wants to provide financial support to the disabled individual while ensuring they remain eligible for public benefits. The funds held in this trust can be used to cover a wide range of expenses, including medical and dental care, personal care attendants, transportation, education, recreation, and much more. The Virgin Islands Supplemental Needs Trust for Third Party — Disabled Beneficiary plays a crucial role in ensuring that disabled individuals receive the care and support they need without sacrificing their eligibility for government assistance. It allows them to maintain a better quality of life by covering the additional expenses not covered by public benefits. These trusts can be customized based on the unique needs and circumstances of the disabled beneficiary, providing them with peace of mind and financial security. By utilizing a Virgin Islands Supplemental Needs Trust for Third Party — Disabled Beneficiary, families and friends can bridge the gap between government support and the actual cost of living with a disability. This legal tool is an effective way to enhance the disabled individual's well-being, promote independence, and improve their overall quality of life.
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.
