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Anyone currently administering a special needs trust or looking to establish one will need to understand the latest rules to stay compliant. Let’s break down key updates regarding special needs trusts and provide tips to make the most of these important planning tools in 2024 and beyond.
The essential purpose of a special needs trust is usually to improve the quality of an individual’s life without disqualifying him or her from eligibility for public benefits. Therefore, one of the central duties of the trustee of a special needs trust is to understand what public benefits programs might be available
A special needs trust is a legal arrangement created to ensure assets are used to support an individual under a disability—without leaving them ineligible for government benefits. Special...
A special needs trust is a legal financial entity set up to hold assets for the future care of your loved one with disabilities or special needs, while preserving their benefits. This type of trust is highly specialized and must conform with very specific requirements.
A special needs trust is a legal arrangement set up by a third party that benefits someone on an income-sensitive aid program such as Medicaid.
Special needs trusts are authorized and governed by the federal Omnibus Budget and Reconciliation Act (OBRA-93). A special needs trust may be set up by a family member, guardian, caregiver, or friend, and must be created before the disabled individual's 65th birthday.
A qualified disability trust (QDisT) is a special needs trust that qualifies for a federal tax exemption. Most special needs trusts meet the requirements to be treated as qualified...