Special Needs Trust Information With Ira

• Category: Trusts - Special Needs
• State: Multi-State
• Control #: US-00646
• Format: Word; Rich Text

Description

The Family Special-Needs Trust Irrevocable Trust Agreement is designed to establish a trust that serves as a supplemental fund for a beneficiary with special needs, preserving their eligibility for public assistance programs like Supplemental Security Income (SSI) and Medicaid. The primary concern of the Grantor is to provide for the Beneficiary’s additional needs not covered by public benefits throughout their lifetime. Key features of this trust include provisions that restrict distributions to only those expenses that enhance the Beneficiary's quality of life without jeopardizing their public benefits eligibility. It's imperative for the Trustee to exercise discretion in managing the trust, ensuring that funds are allocated appropriately for special needs while navigating public resource availability. The trust is irrevocable, meaning the Grantor cannot amend or revoke it, which solidifies the intent to secure funds strictly for the Beneficiary’s needs. Specific filling and editing instructions suggest that thorough care be taken in indicating beneficiaries and assets in Schedule A, as well as understanding the implications of additional provisions such as life insurance policies. This form is particularly valuable for attorneys, partners, and legal assistants who specialize in estate planning for families with members who have disabilities, ensuring that they can navigate the complexities involved in creating and managing a special needs trust.