Special Needs Trust Supplemental For Minor Child
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FAQ
Cons of Special Needs Trusts The trust must be maintained, and yearly management costs can be high. Depending on who manages the fund, there may be a minimum amount required to set up the trust. It may be financially difficult for the settlor to actually establish the trust, depending upon their circumstances.
What are the main benefits of an SDT? The asset value limit of $781,250 (indexed annually on 1 July) and income from the trust may be disregarded for the purposes of the principal beneficiary's income support payment. Assets above that limit are added to the assessable assets of the principal beneficiary.
SSDI does not depend upon having limited assets, and it is not affected by distributions from a Disability Trust.
Distribution of the trust's contents don't fall to the beneficiary, but to the trustee. They're the one that your beneficiary has to go through. Generally, the money that is put into this fund will go into living expenses such as transportation and paying for medical costs. This probably isn't going to a fun fund.
Typically, a third party special needs trust is set up by the family of the disabled person. The family then gifts money to the trust, rather than the disabled person, so the gifts do not interfere with the disabled persons Supplemental Security Income (SSI), Medicaid, vocational rehabilitation, and subsidized housing.