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.
Maine Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement that aims to provide financial support and assistance to individuals with disabilities. This trust is created by a third party, typically a family member or friend, to ensure that the disabled beneficiary receives essential benefits without jeopardizing their eligibility for public assistance programs. Keywords: Maine Supplemental Needs Trust, third party, disabled beneficiary, financial support, assistance, trust, eligibility, public assistance programs. Maine offers different types of Supplemental Needs Trust for a third party-disabled beneficiary, including: 1. Pooled Trust: This type of trust is managed by a nonprofit organization that pools the funds of multiple beneficiaries. It allows individuals with disabilities to maintain their eligibility for government benefits while still benefiting from the funds held in the trust. 2. First-Party Supplemental Needs Trust: This trust is created using the disabled individual's own assets, typically in cases where they receive a cash settlement or inheritance. It allows the disabled person to retain their eligibility for government benefits while utilizing the trust funds for additional needs. 3. Third-Party Supplemental Needs Trust: This is the most common type of Supplemental Needs Trust in Maine. It is established by someone other than the disabled beneficiary themselves, such as a family member, and is funded with their assets. This trust ensures that the disabled person's eligibility for public benefits is safeguarded while providing them with extra financial support for supplemental needs. 4. Testamentary Supplemental Needs Trust: This trust is created through a Last Will and Testament, which goes into effect upon the death of the individual establishing the trust. It allows the disabled beneficiary to receive financial support and maintain public benefit eligibility even after the death of their loved one. These different types of Maine Supplemental Needs Trusts for Third Party — Disabled Beneficiary cater to the varying needs and circumstances of individuals with disabilities, providing them with financial security and maintaining their eligibility for vital public assistance programs.
