Nebraska Statutes 30-38,112. Terms, defined
For purposes of sections 30-38,111 to 30-38,115 :
Terms Used In Nebraska Statutes 30-38,112
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Trustee: A person or institution holding and administering property in trust.
(1) Beneficiary with a disability means a beneficiary of a trust, who a special needs fiduciary believes may qualify for governmental benefits based on disability whether or not the beneficiary currently receives those benefits, or who is an individual who has been adjudicated to be disabled;
(2) Governmental benefits means financial aid or services from a state, federal, or other public agency;
(3) Pooled special needs trust means a trust which combines assets and is managed by a nonprofit association providing a separate account maintained for each beneficiary with a disability;
(4) Self-settled special needs trust means a trust which has been funded with the assets of a beneficiary with a disability and includes a first party special needs trust;
(5) Special needs fiduciary means a trustee or other fiduciary, other than a settlor, that has discretion to distribute, or is required to distribute, part or all of the principal of a trust to a current beneficiary with a disability;
(6) Special needs trust means a trust the trustee believes would not be considered a resource for purposes of determining whether a beneficiary with a disability is eligible for governmental benefits and includes a supplemental needs trust; and
(7) Third-party special needs trust means a trust which has been funded with the assets of an individual other than the beneficiary with a disability.