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Is there any way to get out of a special needs trust as beneficiary?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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Does your husband have to be your beneficiary on life insurance?
No. You can have anyone you want be the beneficiary. A trust, church, or any person you choose can be your beneficiary.
Can someone sue a trust?
Yes. If the beneficiary has any reason the believe the trustee is mishandling the trust estate, they should commence an action immediately by requesting a full accounting. If you suspect the trustee is being dishonest or violating the trust in any way you should consult an attorney who can review the situation and explain your options.
Is an irrevocable trust terminated if beneficiary dies before the trustor?
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
What are the responsibilities of a beneficiary?
A beneficiary has no responsibilities. They receive the benefit of the bequest or trust. They would be responsible for any tax consequences.
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.
How does being a trustee on a parent's irrevocable trust affect Chapter 7?
It should have any impact unless you are a beneficiary of the trust.
Can an heir who is the trustee of his sister's special needs trust sue her trust to get money for another sibling who was written out of the will?
No. The heir has no right to the funds set aside in the special needs trust. A living donor set that trust up with their own property and the heir has no rights to that property whatsoever. The trust is not responsible in any way for a sibling who was disinherited. Parents are allowed to disinherit their adult children.
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Is a beneficiary of a trust responsible for trust expenses?
You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid. You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.
If a trust has multiple beneficiaries what interest do they have?
The nature of any beneficiary’s interest in a trust depends on the type of trust and the provisions set forth in the trust document. Generally, a beneficiary is not entitled to any direct access to the trust property. However, the beneficiary has an equitable interest in the trust property and that means they can bring an action against a trustee who misuses or wastes the trust assets, or who fails to manage the trust according to the provisions set forth the in the document that created the trust.A beneficiary is entitled to distribution as set forth in the trust document.
What are the rules for a irrevocable trust for a disabled child?
If you wish to create a trust for a special needs child you must speak with an attorney who specializes in special needs law. Any assets the child has or may acquire would make them ineligible for any government financial assistance. Only an expert can draft a trust that meets all the requirements of state laws and federal tax laws.
What is a beneficiary under a will?
A beneficiary under a will is a person or other entity that receives a portion of the estate at the direction of the testator. A beneficiary can be a person, charity, trust, church, club, or any other entity that can receive property.
