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.
A South Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary, also known as a special needs trust or supplemental trust, is a legal arrangement specifically designed for individuals with disabilities in South Carolina. This type of trust is established to provide financial support and assistance to disabled individuals without jeopardizing their eligibility for public benefits such as Medicaid or Supplemental Security Income (SSI). This specialized trust is created and funded by a third party, such as a family member or loved one, with the intention of enhancing the quality of life for the disabled beneficiary. By setting up a South Carolina Supplemental Needs Trust, the trustee can ensure that the funds are used to cover additional expenses that are not covered by government assistance programs, such as medical and dental treatments, education, transportation, leisure activities, and other goods and services that enhance the beneficiary's well-being. There are two main types of South Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. General Support Trust: This type of trust provides a broad range of support and allows the trustee to use the funds for a wide variety of purposes that benefit the disabled beneficiary. It offers flexibility in utilizing the trust assets for the beneficiary's needs, whether it be housing, education, travel, or any other approved expense. 2. Specialized Support Trust: This type of trust is designed to address specific needs or preferences of the disabled beneficiary. For example, if the individual requires extensive medical care or therapy, a specialized support trust can be established to solely focus on financing these medical expenses. This type of trust allows for more targeted and tailored support. When establishing a South Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary, it's crucial to adhere to the state and federal regulations to ensure continued eligibility for public benefits. The trust document must be carefully drafted by an experienced attorney who specializes in estate planning and special needs planning. Additionally, the trustee appointed to manage the trust must be well-informed on the rules and guidelines governing these trusts to effectively distribute funds and fulfill the beneficiary's needs while maintaining eligibility for government assistance.A South Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary, also known as a special needs trust or supplemental trust, is a legal arrangement specifically designed for individuals with disabilities in South Carolina. This type of trust is established to provide financial support and assistance to disabled individuals without jeopardizing their eligibility for public benefits such as Medicaid or Supplemental Security Income (SSI). This specialized trust is created and funded by a third party, such as a family member or loved one, with the intention of enhancing the quality of life for the disabled beneficiary. By setting up a South Carolina Supplemental Needs Trust, the trustee can ensure that the funds are used to cover additional expenses that are not covered by government assistance programs, such as medical and dental treatments, education, transportation, leisure activities, and other goods and services that enhance the beneficiary's well-being. There are two main types of South Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. General Support Trust: This type of trust provides a broad range of support and allows the trustee to use the funds for a wide variety of purposes that benefit the disabled beneficiary. It offers flexibility in utilizing the trust assets for the beneficiary's needs, whether it be housing, education, travel, or any other approved expense. 2. Specialized Support Trust: This type of trust is designed to address specific needs or preferences of the disabled beneficiary. For example, if the individual requires extensive medical care or therapy, a specialized support trust can be established to solely focus on financing these medical expenses. This type of trust allows for more targeted and tailored support. When establishing a South Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary, it's crucial to adhere to the state and federal regulations to ensure continued eligibility for public benefits. The trust document must be carefully drafted by an experienced attorney who specializes in estate planning and special needs planning. Additionally, the trustee appointed to manage the trust must be well-informed on the rules and guidelines governing these trusts to effectively distribute funds and fulfill the beneficiary's needs while maintaining eligibility for government assistance.
