Special Needs Trust Limits

• Category: Trusts - Irrevocable
• State: Multi-State
• Control #: US-0657BG
• Format: Word; Rich Text

Description

The Special Needs Irrevocable Trust Agreement serves to benefit individuals with disabilities, ensuring that trust assets supplement their governmental benefits rather than diminish them. Key features of this form include its irrevocability, meaning changes can only occur with court approval, and provisions that allow trustees to manage assets thoughtfully, maintaining compliance with government benefit eligibility requirements. It stipulates that distributions are made at the trustee's discretion while considering the beneficiary's needs and maintaining their benefit eligibility. The trust ensures that funds are used for the beneficiary's enhanced quality of life, including necessities like food and medical care when authorized. Notably, upon the beneficiary's death, the trust requires reimbursements to Medicaid, reflecting the careful balance it strikes between asset use and maintaining government assistance. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in estate planning and disability law, offering them a structured approach to creating trusts that comply with relevant laws while serving vulnerable populations.