Special Needs Trust Law Forum
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
Special Needs Trust. While a spendthrift trust can benefit anyone, a special needs trust is used specifically for individuals who require assistance for disabilities. Assets are managed for the beneficiary's benefit, in a way that doesn't jeopardize any government benefits that they receive.
There are two types of special needs trusts: first-party and third-party. Neither can be used to pay for certain basic expenses covered by government programs. ABLE accounts can be funded to help cover basic needs not paid for by government aid.
Complexity and Cost: Creating and administering a special needs trust involves legal expertise and ongoing management, which may result in higher costs compared to simpler estate planning options. Families should weigh the benefits against the associated expenses.
Hear this out loud PauseA special needs trust helps cover a person's financial needs that are not covered by public assistance payments. The assets held in the trust do not count to qualify for public assistance. Proceeds from this type of trust are commonly used for medical expenses, payments for caretakers, and transportation costs.
The trustee works in very close contact with the beneficiary and/or their caregiver to manage the trust and its financial distributions to pay for these things. The main takeaway regarding distribution of SNT funds is this: The beneficiary never sees the money directly, but the money is used to pay for their needs.