Special Needs Trustor
Description Special Needs Trustor Buy
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Special Needs Trust Benefits Form popularity
Special Needs Trustor Order Other Form Names
Needs Trust Trustor Application FAQ
People with Disabilities Can Now Create Their Own Special Needs Trusts. The Special Needs Trust Fairness Act, federal legislation that allows people with disabilities to create their own special needs trusts instead of having to rely on others, is now law.
Failure to set up a special needs trust might affect them, even if not as much as another person who receives, say, SSI and Medicaid. Even someone receiving Medicare will have some effect from having a higher income.
The person serving as trustee of the special needs trust can usually pay for anything for the person with special needs, as long as the purchase is not against public policy or illegal and does not violate the terms of the trust.
In general, trust structures are intended to provide a legal way to title and hold assets to be used to support one or more beneficiaries. Special needs trusts are similar and are used to benefit someone who has physical or mental disabilities.
Special needs trust are trusts designed to improve the quality of life of a person with special needs, without affecting that person's eligibility for government benefits. To be effective, a special needs trust must be irrevocable.
A special needs trust is a trust tailored to a person with special needs that is designed to manage assets for that person's benefit while not compromising access to important government benefits. There are three main types of special needs trusts: the first-party trust, the third-party trust, and the pooled trust.
Since most special needs trusts will be funded with the parents' own assets, including perhaps life insurance proceeds and gifts from other family members, they can be established and treated as qualified disability trusts.
Special needs trusts pay for comforts and luxuries -- "special needs" -- that could not be paid for by public assistance funds. This means that if money from the trust is used for food or shelter costs on a regular basis or distributed directly to the beneficiary, such payments will count as income to the beneficiary.