Special Needs Trust Information For Minor Child
Description
How to fill out Trust Agreement - Family Special Needs?
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FAQ
Different names for first-party special needs trusts you may hear include: Payback special needs trust. Litigation special needs trust. Miller trust. (d)(4)(A) SNT. (d)(4)(C) SNT.
party special needs trust (SNT) is the most common trust used in special needs planning. It is often established by parents, grandparents or other people wishing to gift money or leave an inheritance to the beneficiary (your child) without disqualifying them for government benefits.
Instead of "my child with special needs," consider substituting "my child," or "my child with," or even just your child's name. When speaking with others, the term "disabled" is widely preferred, but it never hurts to ask about someone's personal preference when it comes to language.
A Memorandum (or Letter) of Intent communicates and documents your preferences regarding the care of John Doe as beneficiary of the special needs trust you created. It provides a guideline for those people who may become responsible for decisions about John as beneficiary of the special needs trust.
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.