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.
Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legally binding arrangement designed to provide financial support and enhance the quality of life for disabled individuals. This specialized trust ensures that disabled beneficiaries receive the necessary additional funds for their specific needs without jeopardizing their eligibility for government assistance programs. The Orange California Supplemental Needs Trust for Third Party allows family members or loved ones to set aside money or assets for the benefit of a disabled individual. This trust is established by a third party, typically a parent, grandparent, or other relative, to supplement the disabled beneficiary's existing resources. It is crucial to create this trust with utmost care and attention to detail, as any error or oversight may lead to loss of government benefits. There are two primary types of Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. First Party Supplemental Needs Trust: This trust is funded with assets owned by the disabled beneficiary. It is typically set up when a disabled individual receives a significant amount of money, such as through an inheritance, lawsuit settlement, or life insurance policy. The first-party trust ensures that the beneficiary can continue to receive government benefits while utilizing the additional funds for their supplemental needs. 2. Third Party Supplemental Needs Trust: This trust is established by someone other than the disabled beneficiary. Family members or loved ones, such as parents or grandparents, can create this trust to ensure that the beneficiary can receive financial assistance beyond what government programs provide. Third-party trust funds can be used for various purposes, including medical expenses, education, vacations, transportation, housing, and recreational activities. Creating an Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary requires the assistance of an experienced attorney specializing in special needs planning. It is vital to consult with legal professionals knowledgeable about California state laws and regulations to ensure compliance and the effective management of the trust. By establishing an Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary, families can provide their disabled loved ones with additional financial support while safeguarding their eligibility for crucial government assistance programs.Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legally binding arrangement designed to provide financial support and enhance the quality of life for disabled individuals. This specialized trust ensures that disabled beneficiaries receive the necessary additional funds for their specific needs without jeopardizing their eligibility for government assistance programs. The Orange California Supplemental Needs Trust for Third Party allows family members or loved ones to set aside money or assets for the benefit of a disabled individual. This trust is established by a third party, typically a parent, grandparent, or other relative, to supplement the disabled beneficiary's existing resources. It is crucial to create this trust with utmost care and attention to detail, as any error or oversight may lead to loss of government benefits. There are two primary types of Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. First Party Supplemental Needs Trust: This trust is funded with assets owned by the disabled beneficiary. It is typically set up when a disabled individual receives a significant amount of money, such as through an inheritance, lawsuit settlement, or life insurance policy. The first-party trust ensures that the beneficiary can continue to receive government benefits while utilizing the additional funds for their supplemental needs. 2. Third Party Supplemental Needs Trust: This trust is established by someone other than the disabled beneficiary. Family members or loved ones, such as parents or grandparents, can create this trust to ensure that the beneficiary can receive financial assistance beyond what government programs provide. Third-party trust funds can be used for various purposes, including medical expenses, education, vacations, transportation, housing, and recreational activities. Creating an Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary requires the assistance of an experienced attorney specializing in special needs planning. It is vital to consult with legal professionals knowledgeable about California state laws and regulations to ensure compliance and the effective management of the trust. By establishing an Orange California Supplemental Needs Trust for Third Party — Disabled Beneficiary, families can provide their disabled loved ones with additional financial support while safeguarding their 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.
