New Hampshire Living Trust with Provisions for Disability

State:
Multi-State
Control #:
US-0651BG
Format:
Word; 
Rich Text
Instant download

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
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  • Preview Living Trust with Provisions for Disability
  • Preview Living Trust with Provisions for Disability
  • Preview Living Trust with Provisions for Disability
  • Preview Living Trust with Provisions for Disability
  • Preview Living Trust with Provisions for Disability
  • Preview Living Trust with Provisions for Disability

How to fill out Living Trust With Provisions For Disability?

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FAQ

A Special Disability Trust (SDT) is a special type of trust that allows parents and immediate family members to plan for current and future needs of a person with severe disability. The trust can pay for reasonable care, accommodation and other discretionary needs of the beneficiary during their lifetime.

The SSDI program does not limit the amount of cash, assets, or resources an applicant owns. An SSDI applicant can own two houses, five cars, and have $1,000,000 in the bank. And the SSDI program doesn't have a limit to the amount of unearned income someone can bring in; for instance, dividends from investments.

Assets That Can And Cannot Go Into Revocable TrustsReal estate.Financial accounts.Retirement accounts.Medical savings accounts.Life insurance.Questionable assets.

Unlike SSI, there are no income or asset limits for SSDI eligibility. Instead, to qualify for SSDI, enrollees must have a sufficient work history (generally, 40 quarters) and meet the strict federal disability rules. SSA uses the same rules to determine disability for both the SSI and the SSDI programs.

Assets That Can And Cannot Go Into Revocable TrustsReal estate.Financial accounts.Retirement accounts.Medical savings accounts.Life insurance.Questionable assets.

If you use your assets to establish a trust on or after January 1, 2000, generally, the trust will count as your resource for SSI. In the case of a revocable trust, the whole trust is your resource.

HOW DOES MONEY FROM A TRUST THAT IS NOT MY RESOURCE AFFECT MY SSI BENEFITS? Money paid directly to you from the trust reduces your SSI benefit. Money paid directly to someone to provide you with food or shelter reduces your SSI benefit but only up to a certain limit.

What Assets Should Go Into a Trust?Bank Accounts. You should always check with your bank before attempting to transfer an account or saving certificate.Corporate Stocks.Bonds.Tangible Investment Assets.Partnership Assets.Real Estate.Life Insurance.

SSDI is not a needs-based benefit. If you are on that program for two years, you will also qualify for Medicare. Because SSDI is not needs-based, a special needs trust is not necessary to qualify for it.

The first $20 of income received each month is not counted. In addition, with respect to earned income, the first $65 each month is not counted, and one-half of the earnings over $65 in any given month is not counted.

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New Hampshire Living Trust with Provisions for Disability