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You would have to be designated as the trustee when the trust is created.
Yes, individuals receiving Supplemental Security Income (SSI) can have a special needs trust fund. Special needs trust funds are designed to help individuals with disabilities maintain their eligibility for government benefits, such as SSI, while still having access to additional financial resources for their care and support. It is important to work with a knowledgeable attorney or financial planner to set up and manage the trust fund correctly.
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.
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.
Have your parents complain to the principle. It works. Trust me. That's how I got out.
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.
What income they do inherit and receive could effect their SSI for that year.
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.
I would imagine that you could. Contact the manager of your trust for his/her help.
It would depend on the terms of the trust and the laws of the specific jurisdiction. Generally, the trustee has a legal duty to follow the terms of the trust and act in the best interest of the beneficiary. It may be challenging for the trustee to sue the trust to distribute funds to a sibling who was not named as a beneficiary.
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
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