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.
Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to provide financial support for individuals with disabilities while allowing them to maintain eligibility for government assistance programs. This trust is established by a third party, such as a parent, grandparent, or other family member, to ensure that the disabled beneficiary receives additional resources to enhance their quality of life. The Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary is a strategic tool that helps individuals with disabilities secure funds without jeopardizing their eligibility for means-tested benefits, like Medicaid, Supplemental Security Income (SSI), or other government assistance programs. By establishing this trust, the disabled beneficiary can receive funds to cover extra expenses, such as medical and dental costs, education, specialized equipment, transportation, or entertainment, while still enjoying the benefits provided by government programs. There are two main types of Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. General Third-Party Supplemental Needs Trust: This type of trust is funded with assets that do not belong to the beneficiary, such as money, real estate, stocks, or life insurance proceeds. The trust funds are managed by a trustee, who may be a family member, a close friend, or a professional trustee, and distributed in accordance with the terms outlined in the trust document. The assets held in this trust are not counted as resources when determining eligibility for government benefits. 2. Pooled Third-Party Supplemental Needs Trust: This option allows families to pool their resources into a trust operated by a non-profit organization. The funds are then invested jointly, but each beneficiary has their own separate account. This type of trust may be a suitable option for individuals with small or moderate-sized estates who wish to share administrative costs and responsibilities. In conclusion, the Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary provides a vehicle for families to support their loved ones with disabilities while preserving their public benefits. The trust is highly customizable based on the specific needs of the disabled individual and can be an invaluable tool in securing their financial future.Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to provide financial support for individuals with disabilities while allowing them to maintain eligibility for government assistance programs. This trust is established by a third party, such as a parent, grandparent, or other family member, to ensure that the disabled beneficiary receives additional resources to enhance their quality of life. The Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary is a strategic tool that helps individuals with disabilities secure funds without jeopardizing their eligibility for means-tested benefits, like Medicaid, Supplemental Security Income (SSI), or other government assistance programs. By establishing this trust, the disabled beneficiary can receive funds to cover extra expenses, such as medical and dental costs, education, specialized equipment, transportation, or entertainment, while still enjoying the benefits provided by government programs. There are two main types of Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. General Third-Party Supplemental Needs Trust: This type of trust is funded with assets that do not belong to the beneficiary, such as money, real estate, stocks, or life insurance proceeds. The trust funds are managed by a trustee, who may be a family member, a close friend, or a professional trustee, and distributed in accordance with the terms outlined in the trust document. The assets held in this trust are not counted as resources when determining eligibility for government benefits. 2. Pooled Third-Party Supplemental Needs Trust: This option allows families to pool their resources into a trust operated by a non-profit organization. The funds are then invested jointly, but each beneficiary has their own separate account. This type of trust may be a suitable option for individuals with small or moderate-sized estates who wish to share administrative costs and responsibilities. In conclusion, the Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary provides a vehicle for families to support their loved ones with disabilities while preserving their public benefits. The trust is highly customizable based on the specific needs of the disabled individual and can be an invaluable tool in securing their financial future.
