Supplemental Needs Trust Allowable Expenses Withholding
Description
How to fill out Supplemental Needs Trust For Third Party - Disabled Beneficiary?
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FAQ
Supplemental Needs Trust (SNT) The SNT is a Medicaid planning tool used to shelter a disabled person's assets for: Maintaining eligibility for governmental benefits like Medicaid. Enhancing the disabled person's quality of life by paying for needs Medicaid does not cover.
A Supplemental Needs Trust (SNT) is a special kind of trust. The SNT allows a person who is certified as disabled to get government benefits, such as Medicaid. Under Medicaid law, a person with a disabil- ity is not eligible for Medicaid if they have too much money or savings (?excess resources?).
Using a first party SNT will not affect any benefits a person receives that are not based on an income limitation or resource level. The beneficiary can work with a special needs attorney to set up the trust and appoint someone, called the trustee, to hold the money on his or her half.
If the Trust generates a Capital Loss, it can not be passed through to the Trust's beneficiaries. It is retained within the trust itself and is designated as a Capital Loss Carryforward of the trust. This carryforward will be used to offset future year capital gains.
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.