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.
Montgomery Maryland Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement established to provide financial support and protect the assets of a disabled individual in Montgomery County, Maryland. This type of trust is specifically designed to supplement government benefits received by the beneficiary without disqualifying them from eligibility. By creating this trust, the disabled individual can have additional funds for various needs not covered by public assistance programs. Here are the different types of Montgomery Maryland Supplemental Needs Trusts for Third Party — Disabled Beneficiary: 1. Special Needs Trust (SET): A Special Needs Trust is set up by a third party, such as a family member or friend, for the benefit of a disabled individual. The trust funds can be used to enhance the quality of the beneficiary's life while preserving eligibility for public benefits. 2. Pooled Trust: A Pooled Trust is a variant of the Special Needs Trust where assets of multiple disabled individuals are combined into a single trust managed by a nonprofit organization. Each beneficiary has a separate account within the trust, and the funds are invested and administered collectively. 3. Testamentary Supplemental Needs Trust: This type of trust is established through a person's will and becomes effective upon their death. It allows funds to be left for the benefit of a disabled heir, ensuring the continued protection of assets and maintaining eligibility for public benefits. 4. Self-Funded Supplemental Needs Trust: In some cases, a disabled individual may have their assets placed in a trust created for their personal benefit. This self-settled trust, also known as a "first-party" or "self-funded" trust, allows them to receive an inheritance, legal settlement, or personal injury award without losing their eligibility for government benefits. 5. Non-Medicaid Supplemental Needs Trust: This type of trust is exclusively designed for disabled individuals who do not rely on Medicaid benefits but still require additional financial assistance. It allows for the preservation of assets while providing for the beneficiary's supplemental needs in areas like education, recreational activities, or home modifications. By utilizing a Montgomery Maryland Supplemental Needs Trust for Third Party — Disabled Beneficiary, families and individuals can ensure a disabled loved one has the necessary financial resources to enhance their quality of life while protecting their eligibility for essential public benefits.Montgomery Maryland Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement established to provide financial support and protect the assets of a disabled individual in Montgomery County, Maryland. This type of trust is specifically designed to supplement government benefits received by the beneficiary without disqualifying them from eligibility. By creating this trust, the disabled individual can have additional funds for various needs not covered by public assistance programs. Here are the different types of Montgomery Maryland Supplemental Needs Trusts for Third Party — Disabled Beneficiary: 1. Special Needs Trust (SET): A Special Needs Trust is set up by a third party, such as a family member or friend, for the benefit of a disabled individual. The trust funds can be used to enhance the quality of the beneficiary's life while preserving eligibility for public benefits. 2. Pooled Trust: A Pooled Trust is a variant of the Special Needs Trust where assets of multiple disabled individuals are combined into a single trust managed by a nonprofit organization. Each beneficiary has a separate account within the trust, and the funds are invested and administered collectively. 3. Testamentary Supplemental Needs Trust: This type of trust is established through a person's will and becomes effective upon their death. It allows funds to be left for the benefit of a disabled heir, ensuring the continued protection of assets and maintaining eligibility for public benefits. 4. Self-Funded Supplemental Needs Trust: In some cases, a disabled individual may have their assets placed in a trust created for their personal benefit. This self-settled trust, also known as a "first-party" or "self-funded" trust, allows them to receive an inheritance, legal settlement, or personal injury award without losing their eligibility for government benefits. 5. Non-Medicaid Supplemental Needs Trust: This type of trust is exclusively designed for disabled individuals who do not rely on Medicaid benefits but still require additional financial assistance. It allows for the preservation of assets while providing for the beneficiary's supplemental needs in areas like education, recreational activities, or home modifications. By utilizing a Montgomery Maryland Supplemental Needs Trust for Third Party — Disabled Beneficiary, families and individuals can ensure a disabled loved one has the necessary financial resources to enhance their quality of life while protecting their eligibility for essential public benefits.
