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One reason a person might set up a special needs trust is to help provide for a special needs person without interfering with their receiving government benefits. You can learn more about this at the Wikipedia.
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You receive ssi can you still have special needs trust fund?
The reason why a person would set up a special needs trust is to protect their governmental benefits such as ssi or ma
Does a special needs trust/will that wills a portion of the inheritance to a non-special needs sibling effect any goverment support that the special needs sibling might receive?
What income they do inherit and receive could effect their SSI for that year.
Is there any way to get out of a special needs trust as beneficiary?
Yes. However, you haven't provided much detail. If you are the beneficiary of a special needs trust you should consult with an attorney before you request any changes (perhaps the attorney who drafted the trust, if possible). Special needs trusts are set up for very important reasons. The following is general information. People with special needs generally receive some type of government assistance. If the person has any assets the assets must be spent on the person's upkeep before the person can be eligible for that government assistance. If you request that the trust be terminated the funds may be paid over to you and you may lose any government assistance until the former trust funds have been depleted. Any assets given to or inherited by a person with special needs are placed in a special needs trust in order to protect those assets from the situation explained above. Consult a professional who can review your situation, the trust and explain your options.
What is a special needs trust?
A "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided belowA "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided belowA "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided belowA "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided below
Can special needs trusts be set up for individuals who are not disabled?
A "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets. Therefore, the answer to your question is no, you cannot set up a special needs trust for someone who does not meet that criteria. However, anyone can set up a trust that will meet their unique individual needs. You should seek the advice of a trust attorney who can help you to set up a trust that will meet your own needs.
What is a Special Needs Trust co-consultant?
A "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided belowA "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided belowA "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided belowA "special needs trust" is established for a person under some handicap who is receiving assistance from some type of government program. The trust is set up so that they do not lose eligibility for that assistance by owning assets.It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. Attorneys who specialize in trusts are generally the best choice. If properly drafted, the trust assets will not be counted for purposes of qualifying for benefits. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent.A special needs trust consultant would be a person who has expertise in drafting special needs trust. A co-consultant is a person who works with that consultant.You can read more about this topic at the link provided below
Can executor of the parents will open a special needs trust with the a disable siblings part of his inheritance?
This issue is so important that you should consult with an attorney in your area who specializes in Special Needs Law and Planning. A person with special needs who receives any type of government entitlement could lose that benefit if they receive an inheritance. The benefits may be withheld until the inheritance has been spent. It is much better to place the money in a special needs trust for extras that might improve the quality of life in some way. However, you need expert advice to do it correctly . . . ASAP.
How do you become a trustee for a special needs trust?
You would have to be designated as the trustee when the trust is created.
Can you have a special needs trust fund and collectssi from the gov?
The purpose of a special needs trust is to allow a person who collects some form of benefit from the government to have other assets available for their needs. It cannot be emphasized enough that the trust must be drafted by an expert in trust law and tax law. If properly drafted, the trust assets will not be counted for purposes of qualification. If improperly drafted those assets could trigger a denial of government benefits until the trust assets are spent. You can read more about this topic at the link provided below
How do you get out of special needs?
Have your parents complain to the principle. It works. Trust me. That's how I got out.
You have an annuity you want to leave it to your sister so she can take care of her mentally ill son what is the best way to do this?
The best way to leave anything to a special needs person is to leave it to the trustee of a special needs trust. Your sister should have such a trust set up for her son already. If he should receive any inheritance directly from his parents or you or anyone, it would affect any federal and state entitlements he receives. His personal estate must be kept at a minimum. You should consult with an attorney who specializes in special needs law in your area. You might also look in your area for an agency that helps special needs families. They may be able to provide you with more information and the names of attorneys.
Can a special needs trust pay its own hoa fees Calif?
Yes, a special needs trust can pay for its own HOA fees in California. As long as the payment is considered a necessary expense for the beneficiary's housing, it is permissible to use trust funds to cover HOA fees. However, it is recommended to consult with an attorney familiar with special needs trusts to ensure compliance with all legal requirements.
