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A special needs trust, also known in some jurisdictions as a supplemental needs trust, is a specialized trust that allows the disabled beneficiary to enjoy the use of property that is held in the trust for his or her benefit, while at the same time allowing the beneficiary to receive essential needs-based government benefits.
Ultimately, a first-party special needs trust can protect a beneficiary’s financial wellbeing. It ensures that they have access to quality care while still receiving government benefits.
Supplemental needs trust is a US-specific term for a type of special needs trust (an internationally recognized term). [1] Supplemental needs trusts are compliant with provisions of US state and federal law and are designed to provide benefits to, and protect the assets of, individuals with physical, psychiatric, or intellectual disabilities, and still allow such persons to be qualified for ...
A special needs trust is a legal way to help provide for a person with a disability without disqualifying them for governmental benefits. One of the main financial risks of having a disability is ...
Lastly, the grantor may give the trustee the power to decide what the beneficiary acquires from the trust and when. If the beneficiary is young or struggles with money management, often times, a ...
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
Continue reading ->The post How a Special Needs Trust Works appeared first on SmartAsset Blog. If you have a loved one who deals with chronic illness or a disability of some kind, you want to be ...
Finally, a trust may be created for a certain non-charitable purpose without an ascertainable beneficiary for a certain period (21 years, under the default rules of the UTC.) [91] The most common example of a trust for a specific non-charitable purpose is a trust for the care of a cemetery plot.
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