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Simple English definitions for legal terms

third-party trust

Read a random definition: Personal property

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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