Montgomery Maryland Trust Agreement - Family Special Needs

Name: Montgomery Maryland Trust Agreement - Family Special Needs
Brand: US Legal Forms
Rating: 4.68 (256 reviews)

Category:

Trusts - Special Needs

State:

Multi-State

County:

Montgomery

Control #:

US-00646

Format:

Instant download

Description

The grantor establishes an irrevocable trust and assigns, conveys, transfers and delivers to the trustee certain property and the trustee accepts such property as the initial trust estate. It is the grantor's primary concern that the trust continue in existence as a supplemental and emergency fund to public assistance for the sake of the beneficiary throughout his/her life. Other provisions of the trust agreement include: the management and disposition of the trust estate, trustee powers, and additional optional clauses.

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FAQ

The trustee is responsible for keeping the trust records and for providing accounts to the beneficiary and sometimes to others. Like investing, not all trustees are going to prepare accounts on their own - sometimes they hire bookkeepers to do this.

A Special Needs Trust (SNT) allows for a disabled person to maintain his or her eligibility for public assistance benefits, despite having assets that would otherwise make the person ineligible for those benefits.

Like all trusts, a special needs trust is organized around the people in three roles: a settlor (also called grantor) who creates the trust and provides the money. a beneficiary (the person with the disability), and. a trustee, who manages the money for the sole benefit of the beneficiary.

Special needs trusts are designed to enhance the quality of life of a person with a disability by maximizing the resources available to them. It preserves eligibility for Supplementary Security Income (SSI) and Medicaid (which pay for food, shelter, and medical care but little else).

Disadvantages to SNTCost. Annual fees and a high cost to set up a SNT can make it financially difficult to create a SNT The yearly costs to manage the trust can be high.Lack of independence.Medicaid payback.

It's created while I'm living. That's called a living trust. A special-needs trust is another type of trust similar to it, but it is there to provide for a person with a disability, a child, a grandchild or a spouse who has a disability.

A special needs trust, also known as a "supplemental needs trust", is an estate planning tool that enables a person with a disability or functional needs to receive financial support without negatively affecting any means-tested government benefits they're receiving like Medicaid or Supplemental Security Income (SSI).

Some of the benefits of utilizing an SNT include asset management and maximizing and maintaining government benefits (including Medicaid and Supplemental Security Income). Some possible negatives of utilizing an SNT include lack of control and difficulty or inability to identify an appropriate Trustee.

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A financial guardian is responsible for managing all assets in a prudent manner. It is essential that a special needs trust be set up properly to avoid problems with taxation and distribution of resources to your loved one.Do you have a family member with special needs? Call a Montgomery County special needs estate planning lawyer from Sallen Law to help you plan accordingly. - Petition to Fix or Waive Additional Security. Special needs of any individual or family. Need more information, answers to your trust, probate, elder law or related questions? Fill out the quick contact form below to get started. Transfers to the trust after the SNT beneficiary reaches age 65 are prohibited. Children can receive services from BCMH-approved providers to rule out a special health care need, diagnose a condition or develop a plan of treatment.

Montgomery Maryland Trust Agreement - Family Special Needs

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What are the responsibilities of a trustee of a special needs trust?

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