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.
Fairfax Virginia Supplemental Needs Trust for Third Party — Disabled Beneficiary provides a detailed and comprehensive financial planning tool for individuals with disabilities. It offers an opportunity to enhance the quality of life for disabled beneficiaries while ensuring their eligibility for public assistance programs. A Supplemental Needs Trust (SET) is a legal arrangement that enables a third party to set aside funds and assets to benefit a disabled individual without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). In Fairfax, Virginia, there are various types of Supplemental Needs Trusts for third-party disabled beneficiaries including the following: 1. Pooled Special Needs Trust: This type of trust combines the resources of multiple individuals with disabilities into one larger trust fund. It is managed by a nonprofit organization, allowing beneficiaries to pool their resources for investment purposes while still maintaining eligibility for government benefits. 2. Standalone Special Needs Trust: This trust is established by a third party, typically a family member or guardian, for the sole benefit of the disabled beneficiary. It can be funded with various assets, such as cash, property, or life insurance policies, and is managed by a trustee who ensures the funds are used solely for the beneficiary's supplemental needs. 3. Testamentary Special Needs Trust: This trust is created through a person's will, and it goes into effect after their death. It allows the individual to leave assets to a disabled beneficiary, ensuring their financial security while preserving their eligibility for government benefits. 4. First-Party Special Needs Trust: Also known as a "self-settled" trust, this type of trust is established using the disabled beneficiary's own funds, typically those received through an inheritance, personal injury settlement, or savings. It is designed to protect these assets while retaining eligibility for government benefits. Fairfax Virginia Supplemental Needs Trust for Third Party — Disabled Beneficiary provides peace of mind to families and friends who wish to contribute to the financial well-being of a disabled loved one. By understanding the different types of trusts available, individuals can tailor their estate plans to meet the specific needs of the beneficiary, ensuring a secure future while preserving access to crucial public programs. Consultation with an experienced attorney familiar with special needs trusts is essential to ensure compliance with state and federal regulations and to establish a trust that reflects the unique circumstances of the disabled individual.Fairfax Virginia Supplemental Needs Trust for Third Party — Disabled Beneficiary provides a detailed and comprehensive financial planning tool for individuals with disabilities. It offers an opportunity to enhance the quality of life for disabled beneficiaries while ensuring their eligibility for public assistance programs. A Supplemental Needs Trust (SET) is a legal arrangement that enables a third party to set aside funds and assets to benefit a disabled individual without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). In Fairfax, Virginia, there are various types of Supplemental Needs Trusts for third-party disabled beneficiaries including the following: 1. Pooled Special Needs Trust: This type of trust combines the resources of multiple individuals with disabilities into one larger trust fund. It is managed by a nonprofit organization, allowing beneficiaries to pool their resources for investment purposes while still maintaining eligibility for government benefits. 2. Standalone Special Needs Trust: This trust is established by a third party, typically a family member or guardian, for the sole benefit of the disabled beneficiary. It can be funded with various assets, such as cash, property, or life insurance policies, and is managed by a trustee who ensures the funds are used solely for the beneficiary's supplemental needs. 3. Testamentary Special Needs Trust: This trust is created through a person's will, and it goes into effect after their death. It allows the individual to leave assets to a disabled beneficiary, ensuring their financial security while preserving their eligibility for government benefits. 4. First-Party Special Needs Trust: Also known as a "self-settled" trust, this type of trust is established using the disabled beneficiary's own funds, typically those received through an inheritance, personal injury settlement, or savings. It is designed to protect these assets while retaining eligibility for government benefits. Fairfax Virginia Supplemental Needs Trust for Third Party — Disabled Beneficiary provides peace of mind to families and friends who wish to contribute to the financial well-being of a disabled loved one. By understanding the different types of trusts available, individuals can tailor their estate plans to meet the specific needs of the beneficiary, ensuring a secure future while preserving access to crucial public programs. Consultation with an experienced attorney familiar with special needs trusts is essential to ensure compliance with state and federal regulations and to establish a trust that reflects the unique circumstances of the disabled individual.
