Define the following.
- Sprinkling or Spray Trust
- Irrevocable trusts
- Special Needs Trusts
Sprinkling or Spray Trust:
A trust in which the trustee has the discretion to “sprinkle” or “spray” the income and/or principal to one or more beneficiaries, as the trustee deems necessary.
Irrevocable trusts:
Trusts that may not be changed, amended, altered or revoked except as provided under limited circumstances.
Special Needs Trusts:
Also called Supplemental Needs Trusts, are designed to benefit a person with disabilities. Insures that the disabled person, often a child, may receive the funds in trust; however, and not lose government benefits and assistance. The funds creates a “safe harbor” for those assets because the trust purpose specifically states that it is meant to provide supplemental and extra care only, and not intended to provide basic care for the disabled person and is not meant to provide any care or assistance for those items that are covered by government benefits.
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