IRREVOCABLE FIRST PARTY SPECIAL NEEDS TRUST

File Feb 22, 4 07 07 PM.jpeg
File Feb 22, 4 07 07 PM.jpeg

IRREVOCABLE FIRST PARTY SPECIAL NEEDS TRUST

1,595.00

Details about an Irrevocable First Party Special Needs Trust:

A First Party Special Needs Trust is a legal arrangement by which a person (the "trustee") holds legal title and manages money for the benefit of a person with special needs (the "beneficiary"). A First Party Special Needs Trust, if established and administered correctly, allows a person with a disability to place his or her own money in the trust and remain eligible for Supplemental Security Income (SSI) benefits and/or Medicaid.

A First Party Special Needs Trust must be:

1- Established by a parent, grandparent, guardian or by the court for the benefit of a person under the age of 65 that is living with a disability as defined by the Social Security Administration. The trust must use the assets belonging to the person with the disability.

2- The trust must be irrevocable.

3- The trust is required to have a provision stating that at the death of a beneficiary, any remaining trust assets must be distributed first to the state as repayment for any medicaid received by the beneficiary.

For further details please schedule a phone appointment. 

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