West Virginia Living Trust with Provisions for Disability provides individuals with a comprehensive estate planning tool to protect their assets and ensure their financial well-being in the event of disability. This legal arrangement allows individuals to designate a trustee to manage their assets and follows specific guidelines, laws, and regulations set forth by the state of West Virginia. By creating a Living Trust with Provisions for Disability, individuals can have peace of mind knowing that their assets will be managed effectively and their wishes will be honored. There are various types of West Virginia Living Trusts with Provisions for Disability, including: 1. Revocable Living Trust: This type of trust allows the settler (the person creating the trust) to retain control over their assets during their lifetime. The trust can be modified or revoked at any time, and in case of disability, the trustee takes over the management of the assets on behalf of the disabled individual. 2. Irrevocable Living Trust: Unlike a revocable trust, an irrevocable living trust cannot be modified or revoked once it is established. This type of trust provides more protection for the assets and may offer tax advantages. In case of disability, the trustee manages the assets based on the provisions set forth in the trust. 3. Special Needs Trust: A special needs trust is designed to benefit individuals with disabilities who may be eligible for governmental assistance programs, such as Medicaid and Social Security. This trust ensures that the disabled individual's assets are carefully managed without impacting their eligibility for these essential programs. 4. Testamentary Trust: Unlike other living trusts, a testamentary trust is created through a will and only becomes effective after the individual's death. This type of trust can include provisions for disability, allowing a trustee to manage the assets for the disabled beneficiaries according to the instructions outlined in the will. When creating a West Virginia Living Trust with Provisions for Disability, it is crucial to consult with an experienced estate planning attorney to ensure compliance with state laws, address specific needs and objectives, and provide the utmost protection for the individual and their loved ones. By carefully considering the different types of trusts available and tailoring them to meet unique circumstances, individuals can plan for a secure financial future even in the face of disability.
West Virginia Living Trust with Provisions for Disability
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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.
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.
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.
Assets That Can And Cannot Go Into Revocable TrustsReal estate.Financial accounts.Retirement accounts.Medical savings accounts.Life insurance.Questionable assets.
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.
Unlike SSI, there are no income or asset limits for SSDI eligibility. Instead, to qualify for SSDI, enrollees must have a sufficient work history (generally, 40 quarters) and meet the strict federal disability rules. SSA uses the same rules to determine disability for both the SSI and the SSDI programs.
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.
The SSDI program does not limit the amount of cash, assets, or resources an applicant owns. An SSDI applicant can own two houses, five cars, and have $1,000,000 in the bank. And the SSDI program doesn't have a limit to the amount of unearned income someone can bring in; for instance, dividends from investments.
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.