0
Special needs trusts do not have retained earnings in the traditional sense, as they are designed to hold and manage assets for the benefit of a person with disabilities without affecting their eligibility for government benefits. Instead of earnings being retained, any income generated by the trust's assets is typically used for the beneficiary's needs or reinvested in accordance with the trust's terms. The primary goal of a special needs trust is to supplement, not supplant, the benefits provided by government programs.
What else can I help you with?
Justify the Need for retained earnings in Financial Management?
Retained earnings represent what a company does with its profits. They are the amount of profit the company has reinvested in the business since its inception. Retained earnings reflect a company's dividend policy. They focus on evaluating which action generated or would generate the highest return for the shareholders. Comparison of retained earnings is difficult but generally most meaningful among companies of the same age and same industry. They act both as a measure of future investments and shareholders trust to the company.
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.
Do you capitalize grantor retained annuity trust?
Yes, Grantor Retained Annuity Trust should be capitalized as it is a specific type of trust.
Why might a person set up a special needs trust?
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.
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.
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 receive ssi can you still have special needs trust fund?
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.
Can a special needs trust pay its own hoa fees Calif?
You may need to seek the advice of your tax attorney, the trust attorney or other advisor for the answer you seek. The clear answer is yes, if the special needs trust is the titled owner of the real estate that is subject to the assessment.
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.
Is a Grantor Retained Annuity Trust revocable or irrevocable?
A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust that allows the grantor to transfer assets to beneficiaries while retaining an annuity interest for a specified period. Once the GRAT is established, the terms cannot be changed or revoked by the grantor.
Can you buy a home out of your special needs trust if you have nowhere to live but have plenty of money in trust to buy one?
I would imagine that you could. Contact the manager of your trust for his/her help.
