What exactly is a THIRD PARTY SPECIAL NEEDS TRUST?

TAKE A RIDE . . . with Fearless Floyd and what exactly is a third-party special needs trust (SNT) is a legal arrangement where assets from someone other than the individual with disabilities are used to fund the trust. This type of trust is typically established by a parent, grandparent, sibling, or another person who wishes to provide financial support to a family member with special needs without jeopardizing their eligibility for means-tested government benefits like Medicaid and Supplemental Security Income (SSI).

Unlike first-party SNTs, which are funded with the beneficiary's own assets, third-party SNTs are funded with assets that do not belong to the beneficiary. These trusts can be set up either during the donor's lifetime or through a will, ensuring that the funds can be used to supplement the beneficiary's needs while preserving their access to public assistance programs.

When the beneficiary of a third-party SNT passes away, any remaining funds in the trust can be distributed according to the terms of the trust, often to other named beneficiaries, rather than being required to repay the government.

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Ann LeFlore – on Trusts: How to Create and Operate a Revocable, Irrevocable, Foreign, Land, Express, College Tuition, and Charitable Remainder Trusts all in one Book.
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