Special Needs Trust Attorneys In Michigan
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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
Typically, a third party special needs trust is set up by the family of the disabled person. The family then gifts money to the trust, rather than the disabled person, so the gifts do not interfere with the disabled persons Supplemental Security Income (SSI), Medicaid, vocational rehabilitation, and subsidized housing.
Now is also a good time to decide who you want to pass your property on to after you die. Create the trust document. You can do this by yourself through an internet program or with the help of an attorney. Sign the trust document in front of a notary public.
The central purpose of a Special Needs Trust ("SNT") is to hold assets for the "supplemental needs" of a disabled person, without disrupting his or her entitlement to certain public benefits. To accomplish this, the SNT must be carefully drafted to conform to Michigan (or other relevant state) and federal guidelines.
HOW DOES MONEY FROM A TRUST THAT IS NOT MY RESOURCE AFFECT MY SSI BENEFITS? Money paid directly to you from the trust reduces your SSI benefit. Money paid directly to someone to provide you with food or shelter reduces your SSI benefit but only up to a certain limit.
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.