Reasons to set up a Third Party Supplemental Needs Trust as an Accumulation IRA Stretch Trust
In a previous post, I described the Reasons to Set up a 3rd Party Supplemental Needs Trust as an Irrevocable Life Insurance Trust. The same Third Party Supplemental Needs Trust can also be set up as an IRA Stretch Trust. If a Special Needs person is named as beneficiary of an IRA, 401k, 403b or any other […]
Reasons to set up a 3rd Party Supplemental Needs Trust as an Irrevocable Life Insurance Trust
Recently, I wrote a post explaining the differences between a First Party Special Needs Trust and a Third Party Supplemental Needs Trust. As you are aware, the goal of a Special Needs Trust or a Supplemental Needs Trust is to provide financial resources to a Special Needs Person in a way that will not cause them […]
Understanding the Differences Between Special Needs Trusts and Supplemental Needs Trusts
“Special Needs Trusts” and “Supplemental Needs Trusts” are terms to describe trusts designed to provide benefits to a person in a way that will preserve the public benefits that he or she is entitled to receive. These types of trusts are most commonly created when a person has some sort of special needs or disability. […]
What is a Self Settled Special Needs Trust?
There are generally two types of private special needs trusts: Third Party Special Needs Trusts; and Self Settled Special Needs Trusts (also known as First Party Special Needs Trusts or D-4A Trusts). A person who is receiving (or about to receive) Medicaid and Supplemental Security Income (SSI) may wish to consider establishing a Special Needs […]