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.
Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary is a type of trust established to safeguard the financial well-being and long-term care of individuals with disabilities in the Miami-Dade County area. This trust is specifically designed to provide supplemental assistance while preserving the beneficiary's eligibility for important government benefits, such as Medicaid and Supplemental Security Income (SSI). One of the key advantages of the Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary is that it allows family members or friends to contribute funds to support the disabled individual without jeopardizing their eligibility for essential government programs. By establishing this trust, the disabled beneficiary can receive discretionary distributions from the trust without impacting their eligibility for means-tested benefits. There are different types of Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary, including: 1. First-Party Special Needs Trust: This type of trust is funded with the disabled beneficiary's own assets, such as an inheritance, personal injury settlement, or other forms of compensation. By placing their assets into a first-party special needs trust, the beneficiary can continue to receive government benefits while benefiting from the trust's provisions. 2. Third-Party Special Needs Trust: This trust is funded with assets owned by third parties, such as parents, siblings, or other relatives, for the benefit of the disabled individual. Contributions to this trust can be made during the lifetime of the donor or through their will or estate plan upon their passing. 3. Pooled Special Needs Trust: A pooled special needs trust combines the assets of multiple disabled individuals into one larger trust managed by a nonprofit organization. This type of trust is ideal for smaller estates and provides professional management and investment expertise. When setting up a Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary, it is crucial to consult with an experienced attorney who specializes in special needs planning. They can help navigate the complex legal requirements, ensure compliance with government regulations, and provide personalized advice tailored to the specific needs and circumstances of the disabled individual. By establishing a Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary, individuals with disabilities and their families can have peace of mind knowing that their financial resources are protected, and their eligibility for government benefits is preserved. This trust serves as an essential tool in providing necessary support and enhancing the quality of life for disabled individuals in Miami-Dade County.Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary is a type of trust established to safeguard the financial well-being and long-term care of individuals with disabilities in the Miami-Dade County area. This trust is specifically designed to provide supplemental assistance while preserving the beneficiary's eligibility for important government benefits, such as Medicaid and Supplemental Security Income (SSI). One of the key advantages of the Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary is that it allows family members or friends to contribute funds to support the disabled individual without jeopardizing their eligibility for essential government programs. By establishing this trust, the disabled beneficiary can receive discretionary distributions from the trust without impacting their eligibility for means-tested benefits. There are different types of Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary, including: 1. First-Party Special Needs Trust: This type of trust is funded with the disabled beneficiary's own assets, such as an inheritance, personal injury settlement, or other forms of compensation. By placing their assets into a first-party special needs trust, the beneficiary can continue to receive government benefits while benefiting from the trust's provisions. 2. Third-Party Special Needs Trust: This trust is funded with assets owned by third parties, such as parents, siblings, or other relatives, for the benefit of the disabled individual. Contributions to this trust can be made during the lifetime of the donor or through their will or estate plan upon their passing. 3. Pooled Special Needs Trust: A pooled special needs trust combines the assets of multiple disabled individuals into one larger trust managed by a nonprofit organization. This type of trust is ideal for smaller estates and provides professional management and investment expertise. When setting up a Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary, it is crucial to consult with an experienced attorney who specializes in special needs planning. They can help navigate the complex legal requirements, ensure compliance with government regulations, and provide personalized advice tailored to the specific needs and circumstances of the disabled individual. By establishing a Miami-Dade Florida Supplemental Needs Trust for Third Party — Disabled Beneficiary, individuals with disabilities and their families can have peace of mind knowing that their financial resources are protected, and their eligibility for government benefits is preserved. This trust serves as an essential tool in providing necessary support and enhancing the quality of life for disabled individuals in Miami-Dade County.
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.
