Mecklenburg North Carolina Living Trust with Provisions for Disability

Name: Mecklenburg North Carolina Living Trust with Provisions for Disability
Brand: US Legal Forms
Rating: 4.56 (377 reviews)

Category:

Trusts - Living Trusts

State:

Multi-State

County:

Mecklenburg

Control #:

US-0651BG

Format:

Instant download

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.

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FAQ

A Henson Trust, also known as a discretionary trust, is structured to protect the assets of a person living with a disability, as well as their right to collect government benefits and entitlements such as The Ontario Disability Support Program.

To be eligible to be a principal beneficiary of a Special Disability Trust, the person with a disability must meet the definition of severe disability. If you have a Special Disability Trust you may get a gifting concession and assets test assessment exemption.

An SDT is a trust that may be set up to assist families to make private financial provision for the current and future care and accommodation needs of a family member with severe disabilities. The purpose of the trust is to protect the interests of the person with disabilities.

A qualified disability trust for a tax year is a testamentary trust that was created on the death of a particular individual that jointly elects (using Form T3QDT, Joint Elections for a Trust to be a Qualified Disability Trust), with one or more beneficiaries under the trust, in its T3 return of income for the year to

HOW DOES A TRUST AFFECT MY SSI BENEFITS? If you use your assets to establish a trust on or after January 1, 2000, generally, the trust will count as your resource for SSI. In the case of a revocable trust, the whole trust is your resource.

A Special Disability Trust can be a testamentary trust established through a will (that is, it does not come into effect until after the death of the person making the will).

A qualified disability trust is subject to more favourable income tax treatment, making it desirable, but not imperative, that a trust for a disabled loved one qualify as one. A Henson trust which does not qualify as a qualified disability trust will still function effectively for ODSP purposes.

A Special Disability Trust (SDT) is a special type of trust that allows parents and immediate family members to plan for current and future needs of a person with severe disability. The trust can pay for reasonable care, accommodation and other discretionary needs of the beneficiary during their lifetime.

Basically, a special needs trust is a discretionary trust designed to preserve governmental benefits for a disabled or aged beneficiary. Distributions from the special needs trust are supposed to supplement public benefits, not supplant them.

Differences Between Trusts The main difference between trusts is how they were funded. In other words, who owned the assets to create the trust? In a special needs trust, the money came from a person with disabilities. The money can be from an inheritance or personal injury settlement.

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Mecklenburg North Carolina Living Trust with Provisions for Disability

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What is a Henson Trust in Canada?

Who is eligible for a special disability trust?

Is a special disability trust a private trust?

What is a qualified disability trust in Canada?

How does a trust affect Social Security disability?

What type of trust is a special disability trust?

What is the difference between a Henson trust and qualified disability trust?

What are the benefits of a special disability trust?

Which type of trust would you use for a disabled beneficiary?

What is the difference between a trust and a special needs trust?

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