A Washington Living Trust with Provisions for Disability is a trust agreement that allows individuals in Washington state to plan for the possibility of becoming incapacitated or disabled. This type of trust provides a comprehensive legal framework to appoint a trusted individual, known as a successor trustee, to manage and distribute assets on behalf of the trust creator (also referred to as the granter or settler) in the event of disability or incapacity. One common type of Washington Living Trust with Provisions for Disability is known as a Revocable Living Trust. This trust allows the granter to maintain full control over their assets during their lifetime and have the ability to modify or revoke the trust provisions if necessary. It also allows for a seamless transition of asset management and distribution in the event of the granter's disability, without the need for court involvement. Another type of Washington Living Trust with Provisions for Disability is an Irrevocable Living Trust. Unlike a revocable trust, an irrevocable trust cannot be changed or revoked once it is established. This type of trust provides added protection for assets, especially in cases where Medicaid planning or asset protection is a concern. It also allows for the appointment of a successor trustee to manage the trust assets in the event of incapacity or disability. Provisions for disability in a Washington Living Trust typically include specific details on how disability will be determined, who will serve as the successor trustee, and how the trustee will manage and distribute assets for the benefit of the disabled or incapacitated individual. The trust document may also include provisions for the payment of medical and long-term care expenses, as well as instructions on any specific preferences or instructions the granter may have regarding their care or treatment. By creating a Washington Living Trust with Provisions for Disability, individuals can not only ensure that their assets are properly managed during incapacity but also provide peace of mind to themselves and their loved ones by having a clear plan in place. It is important to consult with an experienced estate planning attorney to determine the best type of trust and provisions to suit individual circumstances and goals.
Washington Living Trust with Provisions for Disability
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FAQ
Assets That Can And Cannot Go Into Revocable TrustsReal estate.Financial accounts.Retirement accounts.Medical savings accounts.Life insurance.Questionable assets.
HOW DOES MONEY FROM A TRUST THAT IS NOT MY RESOURCE AFFECT MY SSI BENEFITS? Money paid directly to you from the trust reduces your SSI benefit. Money paid directly to someone to provide you with food or shelter reduces your SSI benefit but only up to a certain limit.
A Special Disability Trust (SDT) is a special type of trust that allows parents and immediate family members to plan for current and future needs of a person with severe disability. The trust can pay for reasonable care, accommodation and other discretionary needs of the beneficiary during their lifetime.
Retirement accounts definitely do not belong in your revocable trust for example your IRA, Roth IRA, 401K, 403b, 457 and the like. Placing any of these assets in your trust would mean that you are taking them out of your name to retitle them in the name of your trust. The tax ramifications can be disastrous.
If you use your assets to establish a trust on or after January 1, 2000, generally, the trust will count as your resource for SSI. In the case of a revocable trust, the whole trust is your resource.
Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.
The first $20 of income received each month is not counted. In addition, with respect to earned income, the first $65 each month is not counted, and one-half of the earnings over $65 in any given month is not counted.
No Asset Protection A revocable living trust does not protect assets from the reach of creditors. Administrative Work is Needed It takes time and effort to re-title all your assets from individual ownership over to a trust. All assets that are not formally transferred to the trust will have to go through probate.
SSDI is not a needs-based benefit. If you are on that program for two years, you will also qualify for Medicare. Because SSDI is not needs-based, a special needs trust is not necessary to qualify for it.
What Assets Should Go Into a Trust?Bank Accounts. You should always check with your bank before attempting to transfer an account or saving certificate.Corporate Stocks.Bonds.Tangible Investment Assets.Partnership Assets.Real Estate.Life Insurance.