Get Trust Agreement - Family Special Needs

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FAMILY SPECIALNEEDS TRUSTIRREVOCABLE TRUST AGREEMENT dated this ___ day of ___, 20___ between ___ (\\\"Grantor\\\") residing at ___ and ___ (\\\"Trustee\\\") residing at ___ .ARTICLE 1: CREATION OF
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FAQ

A special needs trust provides financial support for your loved one without jeopardizing government benefits. ... Leaving money to a special needs trust, allows you to improve the quality of life for your loved one, without jeopardizing eligibility for benefits.

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.

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.

Once you have taken cash, housing and food off the table, however, a special needs trust can typically pay for most other things a beneficiary might need to supplement his lifestyle.

Examples: educational expenses,psychological therapy, any medical services not covered by Medicaid, phone bills, and recreational and entertainment expenses. Other examples of expenditures that would not result in any adverse consequences for SSI-eligibility determination purposes are: one automobile/van.

Effect on Benefits Notably, for persons who receive SSI, mortgage payments, property taxes, utilities and other housing costs paid on their behalf by an SNT are considered in-kind support and maintenance (ISM) and will reduce SSI.

A special needs or supplemental trust is designed to provide funds for someone with a disability, while preserving the person's eligibility for important government benefits. Commonly, parents set up special needs trusts for the benefit of a child who has a disability.

Special needs trusts are designed to enhance the quality of life of a person with a disability by maximizing the resources available to them. It preserves eligibility for Supplementary Security Income (SSI) and Medicaid (which pay for food, shelter, and medical care but little else).

These trusts typically pay for things like education, recreation, counseling, and medical attention beyond the simple necessities of life. Here are some examples of expenses that a special needs trust might cover: Medical and dental expenses not covered elsewhere.

A First Party Special Needs Trust is available to individuals who are disabled and under the age of 65 years. The trust must be funded with the assets of the individual who is disabled and must be created for his or her benefit by a parent, a grandparent, or a legal guardian of the individual or a court.