Special Needs Trust In Massachusetts
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
To make a living trust in Massachusetts, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.
Party Trust is funded by somebody other than the special needs trust beneficiary (family member, friend, etc.). There is no Medicaid Payback here ? the donor gets to decide what to do with the remaining funds upon the death of the beneficiary.
(1) Any Massachusetts trust desiring to do business in this state shall file with the secretary of state a verified copy of the trust instrument creating such a trust and any amendment thereto, the assumed business name, if any, and the names and addresses of its trustees.
A special needs trust is a valuable tool for individuals receiving Medicaid or Supplemental Security Income (SSI). It allows for the payment of various necessary expenses on behalf of the beneficiary, with the exception of food and shelter costs.
A Special Needs Trust can only be created by or for a disabled person who is under the age of 65. Under federal law, the person can create a SNT for himself or herself. Massachusetts regulations have not yet been amended to specifically state that an individual can establish a SNT for himself or herself.