A trust than can hold cash, personal property, or real property, or can be the beneficiary of life insurance proceeds. Simply stated, other peopleÕs money or property that they chose to contribute or leave to the child with disabilities.
allows a trustee to hold property for the benefit of a person with disabilities. A special needs trust provides for the needs of a disabled person without disqualifying him or her from benefits received from government programs such as Social Security Income (SSI) and Medicaid
A special kind of spendthrift trust designed to provide benefits to an elderly or disabled beneficiary while preventing the loss of government benefits received by that beneficiary.
a discretionary spendthrift trust created for a disabled beneficiary which supplements but does not replace public benefits for which the beneficiary may be eligible
a legal document designed to benefit a beneficiary with a disability
an excellent vehicle to provide the assets to care for and protect the elderly and handicapped in addition to and in conjunction with government benefits
a simple, straightforward way to leave assets for your Special Needs Child without jeopardizing his or her access to government benefits
a specialized trust fund that allows an injury victim to maintain eligibility for government benefits
a special kind of trust that holds title to property for the benefit of a child or adult who has a disability
a trust created by Federal law which holds title to property for the benefit of a child or adult who has a disability
a trust that is designed to provide funds to the beneficiary in such a way that the beneficiary remains eligible for public assistance programs
a trust that is intended to allow the beneficiary to continue to maintain eligibility for certain needs-based government benefits, such as S
a trust that may be created under some state laws, often by family members for disabled persons who are not able to make financial decisions for themselves
a trust which allows persons receiving public benefits from the State or Federal government to have monies held in a trust, for their respective benefit, without affecting the individual's continuing eligibility for the state and/or federal programs
a trust which is established for needs other than care and maintenance, and is also sometimes referred to as "supplementary non-essential personal needs trust
a way to transfer money to a person receiving public assistance without causing him or her to become disqualified
A trust created by a grantor for the benefit of a person receiving public benefits to provide for that person's additional needs that are not covered by public benefits. The trustee has complete discretion in making distributions to or for the beneficiary; however, the trustee must be extremely careful that any distributions from the trust do not result in the beneficiary's loss of public benefits assistance.
A type of trust that can be set up for a disabled person. By specifying that assets are to be used only for "luxuries" and not basic care, the trust allows the disabled person to continue being eligible for government financial aid.
A Special Needs Trust is a trust created for a beneficiary who is receiving state aide. The trust is designed so the beneficiary does not lose the state aid, and yet their special needs not paid for by the state are still met.
Assets established in Trust under Section 1917(d)(4)(A) of the Social Security Act, using the disabled individual's assets, are often called "OBRA 1993 pay-back trusts." These trusts are not considered countable assets towards the Social Security resource limit, but must contain payback provisions to government agencies after the death of the disabled individual.
The special needs or supplemental needs trust, was first approved in 1975 by the Social Security Administration established rules allowing assets to be held in trust for a recipient of SSI as long as the disabled beneficiary; cannot control the amount or the frequency of trust distributions and cannot revoke the trust and use the trust assets for his or her personal benefit. The Social Security Administration's handbook Understanding SSI stated:"A trust can be set up for an SSI beneficiary." (source- http://www.achievingindependence.com/disability/SNT.htm) The special needs or supplemental needs trust is a type of trust that limits the trustee's discretion as to the purpose of the distributions. This type of trust typically contains language that distributions should supplement, but not supplant, sources of income including SSI or other government benefits. If set up by a third -party and in compliance with state guidelines, these trusts may not necessarily have to have payback provisions to government agencies.
The Special Needs Trust is the “regular” Medicaid Payback Trust that may appear much like a discretionary trust, except it must comply with federal law that created it and the regulations of the Ohio Department of Human Services. This type of trust can be created for anyone with a disability by a parent, grandparent, legal guardian or a court. The primary disadvantage of a Special Needs Trust is that it must “pay back” Medicaid expenditures made on behalf of the beneficiary – even if repayment claims the entire amount left in the trust. Note that many people may use “supplemental needs trust” and “special needs trust” interchangeably with a purely private discretionary trust with similar provisions.
Allows you to provide for a disabled loved one without interfering with government benefits.
A specially drafted trust that provides a fund to supplement the governmental benefits of a beneficiary while not affecting that beneficiary's eligibility for public benefits.
A trust established for a disabled person to provide supplemental support without disqualifying the beneficiary from eligibility for governmental assistance programs.
A special needs trust is created to ensure that beneficiaries who are developmentally disabled or mentally ill can enjoy the use of property which is intended to be held for their benefit. In addition to personal planning reasons for such a trust (the person may lack the mental capacity to handle their financial affairs) there may be fiscal advantages to the use of a trust. Such trusts may also avoid beneficiaries losing access to essential government benefits.