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.
Travis Texas Supplemental Needs Trust for Third Party — Disabled Beneficiary is a type of trust specifically designed to provide financial support and care for individuals with disabilities while preserving their eligibility for government assistance programs such as Medicaid and Supplemental Security Income (SSI). This trust is established by a third party, usually a family member or friend, for the benefit of a disabled individual. The Travis Texas Supplemental Needs Trust allows the third party to set aside funds and assets that can be used to enhance the quality of life for the disabled beneficiary beyond what public benefits provide. This trust ensures that the beneficiary can receive supplemental care, services, and goods without affecting their eligibility for government benefits. There are various types of Travis Texas Supplemental Needs Trusts for third party disabled beneficiaries including: 1. Durable Third-Party Supplemental Needs Trust: This trust allows family members or friends to contribute funds to enhance the disabled individual's lifestyle beyond the basic support provided by government assistance programs. 2. Pooled Supplemental Needs Trust: In this type of trust, the assets of multiple disabled individuals are combined into a single trust fund managed by a nonprofit organization. This provides more cost-effective management of the trust while still meeting the specific needs of each beneficiary. 3. Testamentary Third-Party Supplemental Needs Trust: This trust is established through a will and becomes effective upon the death of the donor. It allows the donor to leave assets for the benefit of a disabled loved one while ensuring that the assets are protected and do not adversely affect their eligibility for government benefits. 4. Self-settled Supplemental Needs Trust: This type of trust is funded with the disabled individual's own assets or funds received through litigation, such as personal injury settlements or inheritances. It is commonly used when an individual with disabilities wants to preserve their eligibility for government benefits while utilizing their own funds for supplemental care and services. In Travis Texas, these types of supplemental needs trusts provide vital financial support and protection for disabled individuals, allowing them to maintain a higher quality of life without jeopardizing their eligibility for essential government assistance programs.Travis Texas Supplemental Needs Trust for Third Party — Disabled Beneficiary is a type of trust specifically designed to provide financial support and care for individuals with disabilities while preserving their eligibility for government assistance programs such as Medicaid and Supplemental Security Income (SSI). This trust is established by a third party, usually a family member or friend, for the benefit of a disabled individual. The Travis Texas Supplemental Needs Trust allows the third party to set aside funds and assets that can be used to enhance the quality of life for the disabled beneficiary beyond what public benefits provide. This trust ensures that the beneficiary can receive supplemental care, services, and goods without affecting their eligibility for government benefits. There are various types of Travis Texas Supplemental Needs Trusts for third party disabled beneficiaries including: 1. Durable Third-Party Supplemental Needs Trust: This trust allows family members or friends to contribute funds to enhance the disabled individual's lifestyle beyond the basic support provided by government assistance programs. 2. Pooled Supplemental Needs Trust: In this type of trust, the assets of multiple disabled individuals are combined into a single trust fund managed by a nonprofit organization. This provides more cost-effective management of the trust while still meeting the specific needs of each beneficiary. 3. Testamentary Third-Party Supplemental Needs Trust: This trust is established through a will and becomes effective upon the death of the donor. It allows the donor to leave assets for the benefit of a disabled loved one while ensuring that the assets are protected and do not adversely affect their eligibility for government benefits. 4. Self-settled Supplemental Needs Trust: This type of trust is funded with the disabled individual's own assets or funds received through litigation, such as personal injury settlements or inheritances. It is commonly used when an individual with disabilities wants to preserve their eligibility for government benefits while utilizing their own funds for supplemental care and services. In Travis Texas, these types of supplemental needs trusts provide vital financial support and protection for disabled individuals, allowing them to maintain a higher quality of life without jeopardizing their eligibility for essential government assistance programs.
