Special Needs Irrevocable Trust For Child
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How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
Special Needs Trust (SNT): What It Is And How It Works. Cassidy HortonContributor. Cassidy Horton is a finance writer who specializes in insurance and banking.
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.
A typical trust used in special needs planning is the Special Needs (or the Supplemental Needs) Trust. This is a trust you, as parents, establish that will allow your child with special needs to receive his/her share of your estate. Key actions: Be sure the trust is properly drafted.
The income beneficiary is the surviving spouse who wants you to make significant distributions to him or her and invest trust assets in his or her business. The remainder beneficiaries want less income to go the surviving spouse and do not want a risky investment to be made in the business of the income beneficiary.
You can set up a Henson Trust while you are still alive with an inter vivos trust agreement, or you can put a Henson Trust in your will, to be set up after you die. The current law says ODSP cannot count the money in a Henson Trust when they do the asset test to decide if your relative is eligible for ODSP.