What forms are needed to prepare for a special needs child to be cared for upon parent's death?
Full Question:
Answer:
Party A can prepare a Special Needs Trust for Party B. A Special Needs Trust (sometimes called a Supplemental Needs Trust) is a specialized legal document designed to benefit an individual who has a disability. This trust is most often a C"b,Estand aloneC"b,B document, but it can form part of a Last Will and Testament.
A Special Needs Trust enables a person under a physical or mental disability, or an individual with a chronic or acquired illness, to have, held in Trust for his or her benefit, an unlimited amount of assets. In a properly-drafted Special Needs Trust, those assets are not considered countable assets for purposes of qualification for certain governmental benefits.