Types Of Special Trusts
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
A special needs trust, also known as a supplemental needs trust, is a type of irrevocable trust that can provide benefits to minors and physically or mentally challenged individuals.
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.
Special Needs Trusts are created for the benefit of a physical or mentally disabled person, under the age of 65, who will need life-long care. These Trusts are a way to provide financially without jeopardizing any eligibility for supplemental government aid (SSI or Medicaid).
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.
Unlike conventional trusts, which are taxed at a flat rate, a Special Trust is taxed on the same sliding scale applicable to natural persons.