SNT= Special Needs Trust. A specific type of trust created by a family member to benefit a disabled person. The trust helps ensure financial well-being while not affecting that person’s eligibility for government benefits.
First-party SNT. An SNT that is funded by the disabled person’s own resources.
Third-party SNT. An SNT that is funded by the resources of someone other than the disabled beneficiary.
ABLE or MiABLE Account. Passed in 2014, the Achieving a Better Life Experience Act (ABLE Act) allows tax-advantaged accounts to be created so people with disabilities can save private funds and use them to help cover costs that support their health, independence, and quality of life. Those in Michigan are sometimes referred to as MiABLE accounts. In Ohio, they are called STABLE accounts. We can set up STABLE accounts for Ohio residents, but not Special Needs Trusts (SNTs).
QDE=Qualified Disability Expense. An expense incurred by an eligible disabled person that is related to their disability and helps maintain or improve health, independence or quality of life. Such expenses can including education, housing, transportation, employment training and support, assistive technology and personal support services, health and wellness, financial management and administrative services, legal fees, oversight and monitoring expenses, and funeral and burial expenses.
STABLE account. The Ohio version of an ABLE account. See ABLE.
Trustee. This is the person authorized by the trust document to manage the funds in the trust and make authorized disbursements to the beneficiary.
Beneficiary. The Beneficiary is the person for whom the trust was established—the person who receives disbursements and benefits of the trust.