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.
The Wake North Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legally recognized trust designed to provide financial support and protect the assets of an individual with disabilities. This type of trust is established by a third party, such as a family member or friend, to ensure that the disabled beneficiary continues to receive government benefits while enhancing their quality of life. The primary purpose of a Wake North Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary is to supplement public benefits such as Medicaid, SSI (Supplemental Security Income), and other essential programs. By placing assets into this trust, a disabled individual's eligibility for government assistance remains unaffected, while still allowing them to receive additional financial support. There are different types of Wake North Carolina Supplemental Needs Trusts for Third Party — Disabled Beneficiaries based on the source of funds and the timing of their creation. Some notable variations include: 1. First-Party Special Needs Trust: This type of trust is funded with the disabled individual's own assets, such as an inheritance or lawsuit settlement, for their benefit. However, it must comply with specific rules to retain their eligibility for government benefits. 2. Third-Party Special Needs Trust: Created and funded by someone other than the disabled individual, typically family members or friends, this trust safeguards their assets while providing supplemental support. 3. Testamentary Special Needs Trust: This trust is established through a will and takes effect upon the death of the granter. It allows family members to allocate their assets for the benefit of a disabled loved one, ensuring they are protected and supported after their passing. 4. Pooled Special Needs Trust: Designed for individuals with smaller asset amounts, this trust pools resources from multiple beneficiaries into a single fund managed by a nonprofit organization. Each beneficiary maintains a separate account within the trust. By utilizing a Wake North Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary, families can secure their loved one's financial future without jeopardizing the essential government benefits they rely upon. These trusts are subject to various legal requirements and should be established under the guidance of an experienced attorney specializing in disabilities and estate planning. The specific terms and conditions of the trust can be tailored to meet the unique needs and circumstances of the disabled beneficiary.The Wake North Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legally recognized trust designed to provide financial support and protect the assets of an individual with disabilities. This type of trust is established by a third party, such as a family member or friend, to ensure that the disabled beneficiary continues to receive government benefits while enhancing their quality of life. The primary purpose of a Wake North Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary is to supplement public benefits such as Medicaid, SSI (Supplemental Security Income), and other essential programs. By placing assets into this trust, a disabled individual's eligibility for government assistance remains unaffected, while still allowing them to receive additional financial support. There are different types of Wake North Carolina Supplemental Needs Trusts for Third Party — Disabled Beneficiaries based on the source of funds and the timing of their creation. Some notable variations include: 1. First-Party Special Needs Trust: This type of trust is funded with the disabled individual's own assets, such as an inheritance or lawsuit settlement, for their benefit. However, it must comply with specific rules to retain their eligibility for government benefits. 2. Third-Party Special Needs Trust: Created and funded by someone other than the disabled individual, typically family members or friends, this trust safeguards their assets while providing supplemental support. 3. Testamentary Special Needs Trust: This trust is established through a will and takes effect upon the death of the granter. It allows family members to allocate their assets for the benefit of a disabled loved one, ensuring they are protected and supported after their passing. 4. Pooled Special Needs Trust: Designed for individuals with smaller asset amounts, this trust pools resources from multiple beneficiaries into a single fund managed by a nonprofit organization. Each beneficiary maintains a separate account within the trust. By utilizing a Wake North Carolina Supplemental Needs Trust for Third Party — Disabled Beneficiary, families can secure their loved one's financial future without jeopardizing the essential government benefits they rely upon. These trusts are subject to various legal requirements and should be established under the guidance of an experienced attorney specializing in disabilities and estate planning. The specific terms and conditions of the trust can be tailored to meet the unique needs and circumstances of the disabled beneficiary.
