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.
The Bexar Texas Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal tool designed to help individuals with disabilities in Bexar County, Texas, maintain eligibility for government benefits while also ensuring they have additional financial support for their essential needs. This trust is created by a third party, usually a family member or friend, and is specifically tailored to meet the unique circumstances and requirements of the disabled beneficiary. The primary purpose of a Bexar Texas Supplemental Needs Trust for Third Party — Disabled Beneficiary is to protect and enhance the quality of life for individuals with disabilities, without jeopardizing their eligibility for government benefits such as Medicaid, Supplemental Security Income (SSI), or other disability-related programs. The trust's structure allows for assets to be held on behalf of the beneficiary, carefully managed and distributed by a trusted trustee. The Bexar Texas Supplemental Needs Trust for Third Party — Disabled Beneficiary can be categorized into different types based on various aspects. These may include: 1. Revocable Supplemental Needs Trust: This type of trust can be modified or revoked by the third party during their lifetime, providing flexibility in managing the assets and addressing changing needs. 2. Irrevocable Supplemental Needs Trust: Once this type of trust is established, it cannot be altered or terminated by the third party. It provides more financial security but comes with less flexibility. 3. Pooled Supplemental Needs Trust: Pooled trusts are managed by nonprofit organizations serving as trustees. Instead of creating an individual trust, multiple beneficiaries with disabilities can participate in a single trust. The Bexar Texas Supplemental Needs Trust for Third Party — Disabled Beneficiary is a comprehensive legal solution that ensures the disabled individual's financial well-being, safeguarding their government benefits while also allowing for additional funds to enhance their quality of life. Consulting with an experienced attorney specializing in special needs planning is essential to create an appropriate trust structure that meets all legal requirements and fulfills the specific needs of the disabled beneficiary.
