Glossary T-words (FAM)

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TANF — Temporary Assistance to Needy Families under Title IV-A of the Social Security Act which authorized the TANF block grant as a result of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.

Termination — the discontinuation of assistance or benefits received by an individual or assistance group.

Treatment — the manner in which income is processed, including adjustments prior to determining the gross amount, special instructions, and classification as either earned, unearned, self-employment, or excluded income.

Trust — any arrangement in which a grantor transfers property to a trustee or trustees with the intention that it be held, managed, or administered by the trustee(s) for the benefit of the grantor or certain designated beneficiaries, which is valid under state law and manifested by a valid trust instrument or agreement, and where the trustee(s) hold a fiduciary responsibility to manage the trust’s principal and income for the benefit of the beneficiaries. (See Revocable Trust and Irrevocable Trust for more information).

Trustee — any individual, individuals, or entity such as an insurance company or bank, who manages a trust, or similar device, and who has fiduciary responsibilities.