This form is a trust used to provide supplemental support for a disabled beneficiary without loss of government benefits. It may be revocable or irrevocable, as the funds are contributed by a third party, and not the beneficiary. The Omnibus Budget Reconciliation Act of 1993 established the supplemental needs trusts.
The Missouri Supplemental Needs Trust for Third Party — Disabled Beneficiary is a legal arrangement designed to provide extra financial support to individuals with disabilities in the state of Missouri. It is established by a third party, such as a family member or friend, for the benefit of the disabled individual. Keywords: Missouri Supplemental Needs Trust, third party, disabled beneficiary, legal arrangement, financial support, disabilities. There are different types of Missouri Supplemental Needs Trust for Third Party — Disabled Beneficiary, including: 1. Irrevocable Supplemental Needs Trust: This type of trust cannot be modified or revoked once it is established. It ensures that the assets and funds set aside for the disabled beneficiary are protected and sustained for their future needs, without affecting their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). 2. Revocable Supplemental Needs Trust: Unlike the irrevocable trust, this type can be modified or revoked by the creator or third party who established it. It provides flexibility in managing the trust assets, allowing for changes in the beneficiary's circumstances or financial needs. 3. Pooled Supplemental Needs Trust: These trusts are managed by nonprofit organizations, often called "pooled trusts." They pool resources from multiple individuals with disabilities, and the funds are managed collectively. This option is suitable for those with smaller assets or who don't have a suitable trustee available to manage the trust on their own. 4. Testamentary Supplemental Needs Trust: This trust is established through a will and is activated upon the death of the person who created it. It allows individuals to provide for their disabled loved ones after their demise, ensuring continuity of financial support and access to essential resources. These various types of Missouri Supplemental Needs Trust for Third Party — Disabled Beneficiary cater to different circumstances and preferences, ultimately aiming to safeguard the financial well-being and quality of life for individuals with disabilities in Missouri.
