Special Needs Trust Supplemental With Life Insurance
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FAQ
With a Special Needs Trust, the Trust, not the person with a disability, obtains a legal title to the assets held in the Trust. Therefore, the assets are not included in benefits eligibility calculations. Once eligible, any earned or unearned income to the person with a disability may reduce his/her benefits.
The cost of creating a trust in North Carolina varies, but a basic Revocable Living Trust generally ranges from $1,000 to $3,000. The cost may be higher for more complex trusts or if you require the assistance of an attorney. Online legal services can offer more affordable alternatives for creating trusts.
To put your life insurance into a trust, you'll need to create a trust deed; a legally binding document which outlines the parties that make up the trust, the trust terms, and the trust beneficiaries.
You'll need to do a few things when setting up your special needs trust. First, you'll need to talk with an experienced estate planning attorney who fully understands how special needs trusts work. They can help you carefully draw up your trust documents ing to NC law. Next, you'll choose a trustee.
A special needs trust (SNT) is a trust that will preserve the beneficiary's eligibility for needs-based government benefits such as Medicaid and Supplemental Security Income (SSI). Because the beneficiary does not own the assets in the trust, he or she can remain eligible for benefit programs that have an asset limit.