Yes, a person can be their own trustee for a Henson Trust, if this is a wise choice.
Yes, a person can be their own trustee for a Henson Trust, if this is a wise choice.
We would need further information, but under the right circumstances, the answer would be yes.
Under certain circumstances you can inherit property or money and still keep your ODSP benefits. Your parents should contact our office to discuss having Wills prepared that contain a Henson Trust for you.
Henson Trusts are valid in Quebec. Each Province has their own form of Social Services and each has their own rules and regulations and benefit amounts and other benefits that a particular Province offers for disabled people.
A person cannot create their own Henson Trust, but there are options that you would have to protect the assets that you have accumulated, following ODSP rules and regulations.
We would need a formal assessment to gather more information about your particular case, but yes, generally you can work part-time and still be on ODSP. The test is if you are able to function in a competitive work place.
A principal residence trust (or an Inter Vivos Trust) is an effective creditor protection strategy as the title to a home would vest within the PR Trust’s distinct protective status and consequently remove it from the claims of creditors and also from matrimonial claims. It can also help with reducing Probate fees and or Capital Gains Taxes.
A SDSP is a new measure to provide beneficiaries who have shortened life expectancy with greater flexibility to access their savings from an RDSP. Withdrawals from an SDSP will not trigger a repayment of the assistance holdback amount as long as the sum of the taxable parts of all withdrawals made in the year does not exceed $10,000. However, once the election is made, no more contributions can be made to the plan and the plan will not be entitled to any new grants or bonds. Furthermore, you will not be entitled to carry forward any grant or bond for those years under this plan.
An Inter Vivos trust (i.e. set up during the settlor’s lifetime) is a trust created to hold assets, such as a principal residence for the ODSP recipient, or disabled person.
Benefits can typically be increased from $896.00 per month to $1,169.00 per month in one of two ways.
If an ODSP recipient lives at home with parents or a blood relative, there can be a different amount paid. If the person is able to shop for their own food and prepare basic simple meals, then the recipient could qualify for the rental amount of $1,169.00 a month. In a situation where the person living with a parent or relative, have all of the groceries bought for them, and all of the meals prepared for them, they would then only qualify for the lower room and board amount, which is currently $869.00.
The higher benefit amount is for renters. The lower amount is for Room and Board.
There are other options as well for recipients who do not shop for their own food or prepare their own meals. By contacting Mr. Pope you can find out what the qualifications are to receive the higher amount, for someone in these circumstances.