3rd Party Special Needs Trust Form With Pennsylvania
Description
How to fill out Trust Agreement - Family Special Needs?
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FAQ
A trust allows a third party?called a trustee?to manage assets in a trust fund on behalf of a beneficiary, which is the party who receives the assets. A trust agreement is a document that allows a trustor to describe how they want their assets managed.
A Special Needs Trust (SNT) allows for a disabled person to maintain his or her eligibility for public assistance benefits, despite having assets that would otherwise make the person ineligible for those benefits. There are two types of SNTs: First Party and Third Party funded.
Third-Party Special Needs Trusts are established using assets from someone other than the individual living with disabilities. Typically established by a loved one while living or through specific language in a living will specifically designating funds to be placed into a Third-Party Trust.
The executor or trustee functions to act on behalf of the estate, which would be if it's a will, or on behalf of the trust if it's a trust document, to administer the assets, handle any claims, and then distribute the assets as those documents state.
Special Needs Trusts (SNT) are designed to permit financial resources to remain available to assist an individual with disabilities who receives, or may receive in the future, Medical Assistance (also known as Medicaid or MA) and/or Supplemental Security Income (SSI) benefits, and/or Mental Health and Intellectual ...