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 Suffolk New York Supplemental Needs Trust for Third Party — Disabled Beneficiary serves as a crucial financial tool designed to provide individuals with disabilities the opportunity to maintain a high quality of life while still qualifying for government benefits. A Supplemental Needs Trust (SET) is established by a third party, typically a parent, grandparent, or other family member, to assist the disabled beneficiary in meeting their needs beyond those covered by government assistance programs. The primary purpose of a Suffolk New York Supplemental Needs Trust for a disabled beneficiary is to preserve the beneficiary's eligibility for means-tested benefits such as Medicaid and Supplemental Security Income (SSI). By placing funds and assets into an SET, they are no longer considered as a resource or income for the beneficiary, making them eligible for the aforementioned benefits. There are two main types of Suffolk New York Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. General Third-Party Supplemental Needs Trust: This type of SET is often established by a family member or loved one during their lifetime or through their will or estate plan after death. Funds or assets are directly placed into the trust for the benefit of the disabled beneficiary. The trustees named in the trust are responsible for managing the assets and distributing them according to the beneficiary's needs, ensuring they are used to supplementing rather than replace government benefits. 2. Pooled Third-Party Supplemental Needs Trust: In cases where a family member or loved one does not want to establish an individual trust or there are limited assets available, a pooled SET can be an effective solution. This type of trust combines the funds from multiple disabled beneficiaries into a single, managed pool. Each beneficiary has a separate account within the pool, allowing for customized distributions based on individual needs. Pooled trusts are usually administered by nonprofit organizations specializing in managing such trusts. In Suffolk New York, Supplemental Needs Trusts for Third-Party Disabled Beneficiaries can greatly improve the quality of life for individuals with disabilities by providing additional financial support while protecting their eligibility for essential government benefits. It is important to consult with an experienced attorney or financial advisor knowledgeable in special needs planning to ensure the Trust is properly structured to meet the unique needs of the disabled beneficiary while conforming to New York State laws and regulations.The Suffolk New York Supplemental Needs Trust for Third Party — Disabled Beneficiary serves as a crucial financial tool designed to provide individuals with disabilities the opportunity to maintain a high quality of life while still qualifying for government benefits. A Supplemental Needs Trust (SET) is established by a third party, typically a parent, grandparent, or other family member, to assist the disabled beneficiary in meeting their needs beyond those covered by government assistance programs. The primary purpose of a Suffolk New York Supplemental Needs Trust for a disabled beneficiary is to preserve the beneficiary's eligibility for means-tested benefits such as Medicaid and Supplemental Security Income (SSI). By placing funds and assets into an SET, they are no longer considered as a resource or income for the beneficiary, making them eligible for the aforementioned benefits. There are two main types of Suffolk New York Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. General Third-Party Supplemental Needs Trust: This type of SET is often established by a family member or loved one during their lifetime or through their will or estate plan after death. Funds or assets are directly placed into the trust for the benefit of the disabled beneficiary. The trustees named in the trust are responsible for managing the assets and distributing them according to the beneficiary's needs, ensuring they are used to supplementing rather than replace government benefits. 2. Pooled Third-Party Supplemental Needs Trust: In cases where a family member or loved one does not want to establish an individual trust or there are limited assets available, a pooled SET can be an effective solution. This type of trust combines the funds from multiple disabled beneficiaries into a single, managed pool. Each beneficiary has a separate account within the pool, allowing for customized distributions based on individual needs. Pooled trusts are usually administered by nonprofit organizations specializing in managing such trusts. In Suffolk New York, Supplemental Needs Trusts for Third-Party Disabled Beneficiaries can greatly improve the quality of life for individuals with disabilities by providing additional financial support while protecting their eligibility for essential government benefits. It is important to consult with an experienced attorney or financial advisor knowledgeable in special needs planning to ensure the Trust is properly structured to meet the unique needs of the disabled beneficiary while conforming to New York State laws and regulations.
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.
