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Simple English definitions for legal terms

third-party trust

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A quick definition of third-party trust:

A third-party trust is a type of trust that is set up for someone with special needs. This trust is funded with property that did not belong to the person with special needs before it was put into the trust. This means that the money or assets in the trust are not considered to be owned by the person with special needs, which can help them qualify for government benefits.

A more thorough explanation:

A third-party trust is a type of special needs trust that is created using assets that did not belong to the beneficiary before being placed into the trust. This means that the funds or property used to fund the trust were not originally owned by the person with special needs.

For example, a parent may create a third-party trust for their child with special needs using funds from their own savings account or life insurance policy. The child with special needs is the beneficiary of the trust, but the assets in the trust did not originally belong to them.

Another example could be a grandparent creating a third-party trust for their grandchild with special needs using funds from their own estate. Again, the assets in the trust did not originally belong to the beneficiary.

These examples illustrate the concept of a third-party trust because the trust is funded with assets that did not belong to the beneficiary before being placed into the trust. This type of trust can be beneficial for families who want to provide for their loved ones with special needs without affecting their eligibility for government benefits.

third-party beneficiary | three strikes

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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