When is an Irrevocable Special Needs Trust Revocable?
A Special Needs Trust (SNT) is a trust that is used to manage property for the benefit of a disabled individual. A SNT is a third party created SNTs when it is funded with the assets of a third party for the benefit of a person with special needs. A SNT is a self created SNT when it is funded with the person with special needs’s assets. If properly created and administered, a SNT has several desirable effects for a person with special needs who is receiving Supplemental Security Income (SSI) or Medicaid benefits.
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