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A Handbook For Trustees (2017 Edition)

A Handbook For Trustees (2017 Edition) Administering a Special Needs TrustTABLE OF CONTENTSINTRODUCTION AND DEFINITION OF TERMS ..4 Grantor ..4 trustee ..4 Beneficiary ..4 Disability ..4 Incapacity ..4 Revocable Trust ..5 Irrevocable Trust ..5 Social Security Disability Insurance ..5 Supplemental Security Income ..5 Medicare ..5 Medicaid ..5 THE MOST IMPORTANT DISTINCTION ..5 Self-Settled Special Needs Trusts ..5 Third-party Special Needs Trusts ..6 The Sole Benefit Trust ..6 THE SECOND MOST IMPORTANT DISTINCTION ..6 SSDI/Medicare SSI/Medicaid Recipients ..7 Veterans Benefits ..7 Subsidized Housing ..7 Federal Subsidized Housing.

5 continued on page 6 REVOCABLE TRUST—refers to any trust which is, by its own terms, revocable and/or amendable, meaning able to be undone, or changed.

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A Handbook For Trustees (2020 Edition)

www.specialneedsalliance.org

TRUSTEE—the person who manages trust assets and administers the trust provisions. Once again, there may be two (or more) trustees acting at the same time. The grantor(s) may also be the trustee(s) in some cases. The trustee may be a professional trustee (such as a bank trust department or a lawyer), or may be a family

  Trustee

A Handbook For Trustees (2021 Edition)

www.specialneedsalliance.org

to be disabled, but not mentally incapacitated. Minors are considered to be incapacitated as a matter of law. The age of majority differs slightly from state to state, though it is 18 in all but a handful of states. Administering a Special Needs Trust: A Handbook for Trustees The essential purpose of a special needs trust is usually

  Mentally

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