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.
The Santa Clara California Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to support individuals with disabilities while preserving their eligibility for public benefits. This trust is established by a third party, such as a family member or friend, to enhance the quality of life and provide essential resources for the disabled beneficiary. Primarily, a supplemental needs trust helps cover the additional expenses that government benefits do not necessarily cover. It must be structured in a way that ensures the beneficiary's eligibility for programs like Supplemental Security Income (SSI), Medicaid, and other means-tested benefits remains intact. There are different types of supplemental needs trusts available in Santa Clara, California, aiming to cater to the diverse needs of disabled beneficiaries and the wishes of their families. Some common variations include: 1. General Supplemental Needs Trust: Also known as a discretionary trust, this type of trust provides the trustee with broad discretion over how the funds can be used to improve the beneficiary's quality of life. It covers various expenses such as education, transportation, recreation, and medical needs. 2. Pooled Supplemental Needs Trust: This trust is managed by a non-profit organization and combines the assets of multiple disabled beneficiaries for investment purposes. Each beneficiary has a separate account within the trust, allowing for pooled resources without affecting their eligibility for public benefits. 3. Third-Party Supplemental Needs Trust: As the name suggests, this trust is established by a third party, typically a family member or friend, to provide financial support and enhance the beneficiary's quality of life. It safeguards the assets contributed by the third party from being subjected to Medicaid payback requirements. 4. First-Party or Self-Settled Supplemental Needs Trust: This type of trust is funded with the disabled individual's own assets, often through an inheritance, lawsuit settlement, or personal injury settlement. It allows the individual to retain their eligibility for public benefits while still benefitting from additional resources. Setting up a Santa Clara California Supplemental Needs Trust for a disabled beneficiary requires careful planning, adherence to state and federal laws, and proper documentation. It is crucial to consult with an experienced attorney specializing in special needs planning to ensure all legal requirements are met and the trust aligns with the specific needs and goals of the disabled individual and their family.The Santa Clara California Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to support individuals with disabilities while preserving their eligibility for public benefits. This trust is established by a third party, such as a family member or friend, to enhance the quality of life and provide essential resources for the disabled beneficiary. Primarily, a supplemental needs trust helps cover the additional expenses that government benefits do not necessarily cover. It must be structured in a way that ensures the beneficiary's eligibility for programs like Supplemental Security Income (SSI), Medicaid, and other means-tested benefits remains intact. There are different types of supplemental needs trusts available in Santa Clara, California, aiming to cater to the diverse needs of disabled beneficiaries and the wishes of their families. Some common variations include: 1. General Supplemental Needs Trust: Also known as a discretionary trust, this type of trust provides the trustee with broad discretion over how the funds can be used to improve the beneficiary's quality of life. It covers various expenses such as education, transportation, recreation, and medical needs. 2. Pooled Supplemental Needs Trust: This trust is managed by a non-profit organization and combines the assets of multiple disabled beneficiaries for investment purposes. Each beneficiary has a separate account within the trust, allowing for pooled resources without affecting their eligibility for public benefits. 3. Third-Party Supplemental Needs Trust: As the name suggests, this trust is established by a third party, typically a family member or friend, to provide financial support and enhance the beneficiary's quality of life. It safeguards the assets contributed by the third party from being subjected to Medicaid payback requirements. 4. First-Party or Self-Settled Supplemental Needs Trust: This type of trust is funded with the disabled individual's own assets, often through an inheritance, lawsuit settlement, or personal injury settlement. It allows the individual to retain their eligibility for public benefits while still benefitting from additional resources. Setting up a Santa Clara California Supplemental Needs Trust for a disabled beneficiary requires careful planning, adherence to state and federal laws, and proper documentation. It is crucial to consult with an experienced attorney specializing in special needs planning to ensure all legal requirements are met and the trust aligns with the specific needs and goals of the disabled individual and their family.
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.
