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.
Franklin Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to benefit individuals with disabilities while preserving their eligibility for government benefits. This type of trust allows a third party, such as a family member or loved one, to provide financial support to a disabled beneficiary without jeopardizing their eligibility for Medicaid, Supplemental Security Income (SSI), and other public assistance programs. One type of Franklin Ohio Supplemental Needs Trust is the Third Party Special Needs Trust. This trust is created by a third party, usually a family member or friend, and can be funded with cash, property, or other assets. The funds in this trust are managed by a trustee who has the authority to use the trust assets to provide for the beneficiary's supplemental needs. Another type of Franklin Ohio Supplemental Needs Trust is the Pooled Trust. This is a trust established and managed by a nonprofit organization. The funds contributed by different individuals are pooled together for investment and management purposes. Each participant has a separate account within the trust, and the funds can be used to supplement the beneficiary's needs beyond what government benefits cover. The key purpose of a Franklin Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary is to improve the quality of life for individuals with disabilities by providing financial support for additional expenses not covered by government benefits. These expenses may include medical and dental care, transportation, education, therapy, recreational activities, and personal care assistance. By creating a Franklin Ohio Supplemental Needs Trust, the disabled beneficiary can have access to additional funds for their supplemental needs while still retaining eligibility for critical government assistance programs. It is important to work with an experienced attorney when establishing such a trust to ensure compliance with state laws and regulations. In conclusion, Franklin Ohio Supplemental Needs Trust for Third Party — Disabled Beneficiary is a valuable legal tool that enables individuals with disabilities to receive financial support without losing eligibility for essential government benefits. The different types of trusts, including the Third Party Special Needs Trust and Pooled Trust, offer flexibility in terms of funding sources and management. These trusts are essential for maximizing the support and improving the quality of life for disabled individuals in Franklin, Ohio.
