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.
Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary is a specialized type of trust that serves the purpose of providing supplemental financial support to disabled individuals while preserving their eligibility for government benefits. This trust is designed to provide for the unique and ongoing needs of disabled beneficiaries, such as medical expenses, therapy, housing, transportation, and other essential needs that government benefits might not fully cover. Hennepin County, located in Minnesota, recognizes the importance of ensuring disabled individuals have access to essential resources without jeopardizing their eligibility for government assistance programs like Medicaid, Supplemental Security Income (SSI), or housing benefits. The Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary allows family members, friends, or other third parties to contribute funds for the benefit of a disabled individual, which are then managed and distributed by a trustee. There are two primary types of Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. Pooled Trust: Hennepin County offers a pooled trust option where multiple disabled beneficiaries can pool their resources into a single trust for investment purposes. This type of trust is managed by a nonprofit organization, usually engaged in providing trust administration services, which offers professional expertise in managing the trust assets. The pooled trust also provides the benefit of cost sharing and lower administrative fees due to the collective nature of the trust. 2. Individual Trust: Hennepin County also allows for the creation of individual trusts, where a disabled beneficiary can have their own trust account, managed by a designated trustee. This type of trust is suitable for those who have substantial assets or specific requirements that are better addressed through an individualized trust. It gives the disabled beneficiary greater control over the trust's management and allows customization based on their unique needs. Both types of trusts have the common goal of supplementing government benefits and enhancing the quality of life for disabled individuals. The funds held in these trusts can be used for a wide range of purposes, including education, recreational activities, vacations, personal care attendants, assistive technology, and more, as long as these expenditures do not overlap with what government benefits already cover. The Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary is an invaluable tool for disabled individuals and their families to safeguard their financial future, enhance their self-sufficiency, and ensure a good quality of life despite having special needs. It is essential to consult with an experienced attorney specializing in disability and trust law to establish the appropriate type of trust and to ensure compliance with Hennepin County guidelines and regulations.Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary is a specialized type of trust that serves the purpose of providing supplemental financial support to disabled individuals while preserving their eligibility for government benefits. This trust is designed to provide for the unique and ongoing needs of disabled beneficiaries, such as medical expenses, therapy, housing, transportation, and other essential needs that government benefits might not fully cover. Hennepin County, located in Minnesota, recognizes the importance of ensuring disabled individuals have access to essential resources without jeopardizing their eligibility for government assistance programs like Medicaid, Supplemental Security Income (SSI), or housing benefits. The Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary allows family members, friends, or other third parties to contribute funds for the benefit of a disabled individual, which are then managed and distributed by a trustee. There are two primary types of Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary: 1. Pooled Trust: Hennepin County offers a pooled trust option where multiple disabled beneficiaries can pool their resources into a single trust for investment purposes. This type of trust is managed by a nonprofit organization, usually engaged in providing trust administration services, which offers professional expertise in managing the trust assets. The pooled trust also provides the benefit of cost sharing and lower administrative fees due to the collective nature of the trust. 2. Individual Trust: Hennepin County also allows for the creation of individual trusts, where a disabled beneficiary can have their own trust account, managed by a designated trustee. This type of trust is suitable for those who have substantial assets or specific requirements that are better addressed through an individualized trust. It gives the disabled beneficiary greater control over the trust's management and allows customization based on their unique needs. Both types of trusts have the common goal of supplementing government benefits and enhancing the quality of life for disabled individuals. The funds held in these trusts can be used for a wide range of purposes, including education, recreational activities, vacations, personal care attendants, assistive technology, and more, as long as these expenditures do not overlap with what government benefits already cover. The Hennepin Minnesota Supplemental Needs Trust for Third Party — Disabled Beneficiary is an invaluable tool for disabled individuals and their families to safeguard their financial future, enhance their self-sufficiency, and ensure a good quality of life despite having special needs. It is essential to consult with an experienced attorney specializing in disability and trust law to establish the appropriate type of trust and to ensure compliance with Hennepin County guidelines and regulations.
