A Special Disability Trust is a type of trust that is established to provide for the care and accommodation needs of a person with a severe disability. It is designed to provide additional financial support for the person with the disability, while still allowing them to access government benefits and services.
Special Disability Trusts are governed by specific legislation in Australia, and there are certain requirements that must be met in order to establish and maintain a trust.
These requirements include:
One of the key benefits of a Special Disability Trust is that it can provide additional financial support for the person with the disability, while still allowing them to access government benefits and services. This is because the trust assets are not counted towards the person's asset test or income test for the purposes of government benefits such as the Disability Support Pension.
It's important to seek professional legal and financial advice when setting up a Special Disability Trust, as it can be a complex and technical process. A lawyer or financial adviser can help you understand the legal and tax implications, as well as the costs and requirements involved in establishing and managing a Special Disability Trust.
Special Disability Trusts are governed by specific legislation in Australia, and there are certain requirements that must be met in order to establish and maintain a trust.
These requirements include:
- The beneficiary of the trust must have a severe disability that significantly affects their ability to work, or requires ongoing care and support.
- The trust must be established solely for the benefit of the person with the disability.
- The trust assets must be used to provide for the care and accommodation needs of the person with the disability.
- The trust must not distribute income or assets to anyone other than the beneficiary, except in certain limited circumstances.
One of the key benefits of a Special Disability Trust is that it can provide additional financial support for the person with the disability, while still allowing them to access government benefits and services. This is because the trust assets are not counted towards the person's asset test or income test for the purposes of government benefits such as the Disability Support Pension.
It's important to seek professional legal and financial advice when setting up a Special Disability Trust, as it can be a complex and technical process. A lawyer or financial adviser can help you understand the legal and tax implications, as well as the costs and requirements involved in establishing and managing a Special Disability Trust.
RSS Feed
