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.
Wisconsin Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legally recognized trust designed to benefit individuals with disabilities while safeguarding their eligibility for government assistance programs. This type of trust allows family members, loved ones, or friends (third parties) to contribute assets or funds to help support disabled individuals without jeopardizing their eligibility for benefits like Medicaid, SSI (Supplemental Security Income), or housing assistance. The Wisconsin Supplemental Needs Trust for Third Party — Disabled Beneficiary can be established in a few different ways, depending on the donor's preferences and the unique circumstances of the disabled beneficiary: 1. Standalone Third-Party Supplemental Needs Trust: This trust is set up independently by someone other than the beneficiary themselves. It allows the disabled individual to receive supplemental support or assistance as needed, while preserving their eligibility for government benefits. 2. Pooled Third-Party Supplemental Needs Trust: This option involves contributing assets to a larger trust managed by a nonprofit organization. The assets are pooled and managed collectively, benefiting multiple disabled beneficiaries. This mechanism is especially helpful for those who do not have substantial funds to establish an individual trust or require ongoing professional trust management. 3. Testamentary Third-Party Supplemental Needs Trust: This type of trust is specified in the will or estate plan of the third party. It takes effect upon their death, ensuring that assets are handled according to their wishes and benefiting the disabled beneficiary without interfering with government benefits. The Wisconsin Supplemental Needs Trust for Third Party — Disabled Beneficiary allows funds to be utilized for supplemental needs such as education, transportation, medical expenses, personal care attendants, and other goods or services that enhance the individual's quality of life beyond what government programs can provide. It is important to consult an attorney experienced in special needs planning when establishing a Supplemental Needs Trust to ensure compliance with Wisconsin state laws and regulations, as well as to tailor the trust to meet the unique needs of the disabled individual. Such trusts provide valuable peace of mind to families, knowing that their loved ones with disabilities can receive necessary additional support while maintaining eligibility for crucial government benefits.Wisconsin Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legally recognized trust designed to benefit individuals with disabilities while safeguarding their eligibility for government assistance programs. This type of trust allows family members, loved ones, or friends (third parties) to contribute assets or funds to help support disabled individuals without jeopardizing their eligibility for benefits like Medicaid, SSI (Supplemental Security Income), or housing assistance. The Wisconsin Supplemental Needs Trust for Third Party — Disabled Beneficiary can be established in a few different ways, depending on the donor's preferences and the unique circumstances of the disabled beneficiary: 1. Standalone Third-Party Supplemental Needs Trust: This trust is set up independently by someone other than the beneficiary themselves. It allows the disabled individual to receive supplemental support or assistance as needed, while preserving their eligibility for government benefits. 2. Pooled Third-Party Supplemental Needs Trust: This option involves contributing assets to a larger trust managed by a nonprofit organization. The assets are pooled and managed collectively, benefiting multiple disabled beneficiaries. This mechanism is especially helpful for those who do not have substantial funds to establish an individual trust or require ongoing professional trust management. 3. Testamentary Third-Party Supplemental Needs Trust: This type of trust is specified in the will or estate plan of the third party. It takes effect upon their death, ensuring that assets are handled according to their wishes and benefiting the disabled beneficiary without interfering with government benefits. The Wisconsin Supplemental Needs Trust for Third Party — Disabled Beneficiary allows funds to be utilized for supplemental needs such as education, transportation, medical expenses, personal care attendants, and other goods or services that enhance the individual's quality of life beyond what government programs can provide. It is important to consult an attorney experienced in special needs planning when establishing a Supplemental Needs Trust to ensure compliance with Wisconsin state laws and regulations, as well as to tailor the trust to meet the unique needs of the disabled individual. Such trusts provide valuable peace of mind to families, knowing that their loved ones with disabilities can receive necessary additional support while maintaining eligibility for crucial government benefits.
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.
