There are many trusts that are managed by a trustee. The trustee is maintaining organization of the trust on behalf of a beneficiary who is uninterested, unwilling, or incapable of managing the trust for themselves. It is a common occurrence, surprisingly, and one that creates extra layers of protection for the involved parties.
The layers thicken when working with a Special Needs Trust Attorney Rockland County NY. A special needs trust is specifically designed a beneficiary who is disabled or mentally ill. They are not capable of making their own informed decisions about the details of the case, and a trustee is appointed to help handle the intricacies.
What is the most common reason for a trust to be designated a special needs trust? A Special Needs Trust Attorney Rockland County NY is usually reached to help organize the trust so it does not impede on government benefits. A disabled beneficiary will likely receive government assistance through the assortment of disabled programs. A disabled person with a certain trust may not be allowed to collect the government program assistance.
The reverse type of trust works as well and is another reason why the layers can get complicated. A beneficiary may leave their trust to a disabled family member or friend, and that is dictated through the will. Unfortunately, the disabled may be disqualified from government programs after receiving the settlement of the trust that was handed to them. They lose the assistance by taking the trust assistance. The trust is detailed by the trustee, which provides certain exemptions. The trustee is not disabled, so the benefits of government assistance may not be as affected.
A special needs trust is specifically designed to protect the earnings received from the government while also still supplying the disabled with the funds through the trust. This can come in the form of inheritance funds or proceeds involved through a non-profit attachment. Mark Aberasturi, a local special needs attorney, can help navigate these waters. Detailing everything in a will can only go so far. The will must fit into certain systems, especially when a disabled person is involved.
