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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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TGM
18:23
How long can I delay sending my fall grades if they hurt my GPA? I’m still waiting on decisions and ideally I’m hoping they decide BEFORE seeing my new grades
TGM
18:27
dropped my GPA below median for a couple of schools I’m applying to, when I was above median before
Dkk
18:32
@TGM: Not long enough to get another transcript to recover.
Dkk
18:33
Honestly you could just wait until someone actually asks for your fall grades. Who knows.
Dkk
18:34
@wigwav: It looks like if below medians it will not help but If applying in November it seems you are still middle of the cycle.
18:34
@wigwav: nah
TGM
18:34
like am I expected to send it unprompted or can I wait until a school requested it
Dkk
18:35
@TGM: Expected to send it unprompted but you can wait and see.
18:36
Is your LSAT also below median?
TGM
18:37
It’s above median, but I’m applying T6 with unimpressive softs, so even with a good LSAT it’s tough
texaslawhopefully
18:38
Yeah, then I would just wait as long as you can to send it
texaslawhopefully
18:38
For like HLS at least, if you wait till J6 then you may already have a decision
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
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