This is a form of a trust established by parents for their child to provide extra and supplemental care, maintenance, support and education in addition to and over and above the benefits the child may otherwise receive as a result of his handicap or disability from any local, state or federal government, or from any other public or private agencies. It designates how the Trust shall be administered and distributed.
Virginia Special Needs Trust
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Special Needs Trusts can also pay for home and vehicle maintenance along with a variety of other items like a vacation, a computer, electronic equipment, educational expenses, and ongoing monthly bills such as phone, cable, and internet services.
To establish a Third Party Special Needs Trust, the family member needs to sign the trust document and then transfer the assets to the Trustee. The trust document is provided by an attorney who provides legal representation and writes all the necessary documents.
The person serving as trustee of the special needs trust can usually pay for anything for the person with special needs, as long as the purchase is not against public policy or illegal and does not violate the terms of the trust.
As trustee, you can create multiple goals for an individual trust, allowing you to customize investment needs for each financial objective. For example, this means that you can invest funds for short-term and long-term needs at varying risk levels.
Special needs trusts pay for comforts and luxuries -- "special needs" -- that could not be paid for by public assistance funds. This means that if money from the trust is used for food or shelter costs on a regular basis or distributed directly to the beneficiary, such payments will count as income to the beneficiary.
The child cannot accumulate more than $2,000 in assets or risk losing important and life-sustaining public assistance benefits. For that reason, a special needs trust must to be set up carefully and by an experienced special needs planning attorney. Regardless, once you set up the trust, it must be funded.
In general, trust structures are intended to provide a legal way to title and hold assets to be used to support one or more beneficiaries. Special needs trusts are similar and are used to benefit someone who has physical or mental disabilities.
Failure to set up a special needs trust might affect them, even if not as much as another person who receives, say, SSI and Medicaid. Even someone receiving Medicare will have some effect from having a higher income.