Are you worried about the effect a lump-sum inheritance may have on your beneficiary’s entitlement to receive a pension?
If one of your beneficiaries has a severe disability, a Special Disability Trust may enable you to access social security means test concessions for their benefit.
A Special Disability Trust is designed to assist those who have the financial means to do so to make private financial provision for the care and accommodation needs of a family member with severe disability and to receive means test concessions.
Put simply, assets within a Special Disability Trust (up to a certain limit) are exempt for the purposes of determining the beneficiary’s entitlement to receive a pension.
For advice about a Special Disability Trust for your family member, start by booking an estate planning conference.
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FAQs
Before a Special Disability Trust is established, the prospective beneficiary must be assessed as severely disabled under the legislation for this type of trust.
More information on the assessment process is available here.
The fund must be used for the care and accomm odation needs of a family member with severe disability. The trust can only have one beneficiary.
There are strict limits on the amount that can be spent in a financial year on discretionary items not related to the care and accommodation needs of the beneficiary of the trust.
- For the principal beneficiary, all assessable trust assets up to the concessional asset value limit are exempt from the social security assets test. Where the assets of the trust exceed the limit, the amount in excess of the limit will be counted as assessable assets for the person and will be assessed against the relevant assets test thresholds.
- Where immediate family members contributing to the trust are in receipt of a social security or veterans’ entitlement payment and are within five years of Age Pension age or older, they may be eligible to receive a concession from the usual social security or veterans’ entitlement rules relating to making gifts (disposal of assets).
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