A Special Needs Trust is a trust that provides for the needs of an individual that has a disability. The Special Needs Trust can receive funds from any source, including gifts and inheritances, as well as personal injury claims. This trust can provide for the medical care, housing and other support for a disabled beneficiary without rendering them ineligible to receive government benefits.
The organization being applied for is a special needs trust fund, and its purpose is to collect donations to distribute as needed to people with disabilities in order to help them meet their basic needs, such as food, clothing, and shelter.
This special needs trust fund will not be operated by a trustee or attorney, rather it will be administered by a team of volunteers, who will be responsible for vetting all applicants and ensuring that all funds are used appropriately.
A Special Needs Trust is formed by the parent or legal guardian of an individual with special needs. This trust is used to provide for the child without losing eligibility for government assistance, such as Social Security Income and Medicaid.
The trust holds money that can be used to pay for items not otherwise covered by public benefits, including medical treatment, therapy, food and shelter. It cannot be used to pay for items or services covered by public benefits, as that would disqualify the beneficiary from receiving those benefits.
The purpose of this trust is to provide financial support for a disabled person who may not be able to work or earn an income on their own due to their disability. All funds in the trust will go towards providing these individuals with housing, medical care and other basic necessities so that they are able to live independently without having to worry about finances or being taken advantage of financially by others.
The special needs trust is established by a third party and will provide funds to supplement the basic needs, such as housing, food, clothing, and medical care that are not being provided by government programs.
A trusteeship is required to administer and manage the trust in accordance with the terms of the trust. The trustee has responsibility for managing investments, handling payouts and monitoring all expenses associated with the trust. The trustee must also report on the status of the trust and its activities at least once a year to any beneficiaries or other interested parties.