Protecting the health and welfare of your family: A guide to special needs trusts

Size: px
Start display at page:

Download "Protecting the health and welfare of your family: A guide to special needs trusts"

Transcription

1 Protecting the health and welfare of your family: A guide to special needs trusts

2 What is A Special Needs Trust (also known as a Supplemental Needs Trust)? Generally, a special needs trust, which is sometimes referred to as a supplemental needs trust or SNT is a legal entity designed to provide assets and income to physically and/or mentally disabled persons without affecting their eligibility for federal and/or state public benefit programs. The assets in a properly drafted SNT will not be deemed countable assets and will not affect the financial calculation for programs that have financial qualifications such as SSI and Medicaid. Why Do I Need A Special Needs Trust? If you have a child, other relative or other intended beneficiary who has disabilities or other special needs, there may be public assistance benefits available to help pay the expenses for some of those needs. Utilizing a special needs trust allows you to assist that individual without affecting his/her ability to receive those benefits. The most common types of public assistance benefit programs available for adults with disabilities are Social Security Disability Income (SSDI) Supplemental Security Income (SSI) and Medicaid. SSDI is available to a disabled person with a work history or a family relationship with someone with a work history. SSI provides cash assistance for those who do not have a work history and have minimal resources. In theory, these (and other) public assistance programs are designed to cover the costs of the disabled person s non-medical necessities like food and shelter (i.e. rent in subsidized housing) while Medicaid covers the costs of medical services. These programs, designed for those who are medically and financially needy, have asset and income limitations. If the person has too many assets, she or he may not qualify. At present, an adult will not qualify for SSI/Medicaid if the person owns in excess of $2,000 in countable assets. Countable assets typically include items such as cash, bank accounts, stocks, U.S. savings bonds, retirement accounts, cash value of life insurance and beneficial interests in many different types of trusts (but not SNTs). Obviously, the reasonable cost of a person s subsistence, particularly one with disabilities and related needs, is often far more than a monthly SSI check coupled with Medicaid coverage and $2,000 in savings. There are many items that individuals with disabilities need but are not considered necessities and therefore not paid for by public assistance programs such as: Uninsured therapies and/or other uninsured medical expenses; Educational and vocational programs; Recreation and entertainment, such as vacations and related travel, attendance at cultural events, subscriptions, club memberships and hobbies; Transportation (private or public); Home furnishings, such as furniture, appliances and audio-visual equipment; Family visitation and/or other companionship; Gym membership or other physical fitness expenses, such as for equipment or personal training; Personal care items; and Uninsured caretaker expenses. A well drafted SNT allows a disabled individual to maintain financial resources to live a more comfortable lifestyle than can be provided by sole reliance on public assistance benefit programs. 1.

3 How are Special Needs Trusts Funded? SNTs can be funded with assets from the disabled individual (D4A trusts) or with assets from a third party, typically a parent, grandparent or other family member or guardian (Third Party SNTs). D4A trusts have to contain certain payback provisions. While disabled individuals have access to the funds they contributed to a D4A trust during their lifetime, when they die, the trust must use any funds remaining to pay back federal and state public benefit programs. Third Party SNTs do not have a payback requirement. Consequently, any funds remaining upon the death of the disabled individual can be passed on to whomever the trust creator chooses. What Types of Assets are Typically Used to Fund a Special Needs Trust? Generally, parents, other family members or guardians fund the SNT by making a bequest in their will or by making the SNT a beneficiary of their life insurance policy. Often, the disability is the result of an accident and the SNT is funded with a personal injury settlement. Assets from inheritance or insurance are treated similarly in setting up the SNT. Settlement funds, however, have additional requirements to establish and fund the trust correctly. Often, the trust creation and funding occur concurrently with the final settlement of the personal injury case. Your counsel will need to work closely with your personal injury attorneys to ensure that all necessary requirements are met. Does My Special Needs Child Maintain Any Control over the Special Needs Trust? No, the child/beneficiary should not have any control over the SNT, including no control over its assets, income, distributions or Trustee selection. It is important to establish this lack of control clearly in the provisions of the SNT. Although there may be leeway to provide some small allowances of control to the beneficiary, these should be only considered after a thorough review with your counsel because any deviation from the strict provisions of the law can result in the entire trust becoming a countable asset thereby affecting disability benefits. What Is the Role of the Trustee? A trustee s duty is to administer and invest the assets of the trust properly. He/she must oversee the financial management of assets held in the trust and be able to manage the investments, assemble an accounting, seek counsel for long term care planning, know government benefit programs and, most importantly, be able to get along with the disabled person and his/her caretaker. The trustee must be well versed in the dos and don ts of special needs trust administration. The trustee must be aware that he or she cannot provide any benefits to the beneficiary that could in any way undermine the intent of the trust. As administering a trust can be quite difficult for one individual, most trusts provide that the trustee can pay for support and counsel in the areas in which they need help. In this way the trustee is authorized to hire a care manager, accountant, lawyer or other professional if necessary for the fulfillment of his/her duties. 2.

4 Who Should Be The Trustee(s)? Deciding on a trustee (and his or her successors) is likely the most critical decision you will make when creating a special needs trust. This individual or individuals will become responsible for properly interpreting and carrying out your intentions in creating the trust. In general, whomever you name as the trustee has a legal fiduciary responsibility to act in the best interest of the trust beneficiaries at all times. A trustee can be a family member, close friend, trusted professional or any combination thereof. Each type of trustee has its pros and cons. For example, naming family members, friends, and/or neighbors, or others not sophisticated in the proper administration of such trusts can cause family discord. They may not have sufficient time and may lack the skill set to manage the property placed in the trust effectively. On the other hand, a special needs child will likely be familiar with them and comfortable dealing with them directly. An independent corporate/professional trustee poses other concerns. There is a cost associated with hiring a professional and family members may be more attuned to the everyday needs of the beneficiary, especially if they change suddenly. On the other hand you get what you pay for may apply. A paid professional might be the best option for ensuring that all the trust terms are fully understood and complied with and those assets are invested appropriately for income, capital appreciation and preservation of capital. Financial Considerations In addition to all the considerations discussed above, there are a few basic financial considerations to remember as well. 1. Determine what benefits may be available to the disabled person now and in the future. Will public housing be an option either realistically or financially? Is senior housing an option? Do you live in a town where the senior housing is available and comfortable or is there a long wait list for inadequate housing? Would the individual be more comfortable in a group home setting if the primary caretaker were unable to provide the care? Is there a work history such that the disabled person will be entitled to SSDI and if so, what is the expected income. 2. Given the likelihood of certain benefits, determine what amount of money is necessary to carry out the purposes of the trust. In other words, out of my current assets (or my assets at the end of life), how much must be set aside for my special needs child as opposed to my other children, in order for the trust to operate as I imagine. The answer to this question will be different for everyone, but a reasonable starting point for determining the number begins with a basic understanding of the types and amount of extras you anticipate the trust will provide, how frequently, and how much they cost (both now and taking inflation into account). You should also reflect on the disabled person s life when you are not around. For example, are you providing most of the transportation? Are you providing shelter? Do you provide for most of the disable person s entertainment expenses? You need to add these expenses to your calculation of the disabled person s expenditures when you are no longer able to provide for these services. 3. Determine when and how should you fund the trust? The trust can be funded during your lifetime or at your death. This choice will depend largely on your personal circumstances. If you have a substantial estate, you may decide as part of your tax planning to fund a SNT during your life. It is useful to keep in mind however that once assets are gifted to the trust they generally cannot be returned to the donor. In other words, you will not be able to get it back for your own personal use except if it is allowed under the terms of the trust. If you have a more modest estate, you may choose to hold onto your assets during your life and fund the trust at your death through inheritance or with life insurance proceeds. In all cases, you should review with your attorney, any funding of a SNT and the impact it has on your estate planning. 3.

5 Typical Planning Mistakes Oftentimes, well-intentioned people leave assets directly to their child with special needs. As a result, the child is forced to spend-down these assets up-front before they can become eligible for government benefits. This causes an immediate expenditure of their inheritance, and also leaves the child without an ability to receive extras once the assets are spent-down a clearly undesirable result. It is also common for parents to completely disinherit their child with special needs because they want to preserve what resources they do have for their non-disabled children. This is often based on the mistaken belief that the state will provide a comfortable living for their child with a disability. However, in stark contrast, disinheriting a child with special needs can be tragic, and can result in family friction over the moral obligation of other siblings to provide for that child. Finally, in a quest to protect assets, people often forget to look at asset transfers from their own estate planning or tax perspective. There are many traps for the unwary that may occur by making transfers without considering all implications. Be sure you are not solving one problem by creating another. Conclusion Special Needs Trusts are an effective way of protecting assets for the long-term benefit of disabled loved ones. The SNT can provide extra amenities that would otherwise disqualify the disabled beneficiary from public benefits while providing you with the piece of mind that his or her financial future is well-protected. SNT rules, however, are complicated and unforgiving and you should always consult an attorney when creating and administering a special needs trust. This publication, which may be considered advertising under the ethical rules of certain jurisdictions, is for informational purposes only and not legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Prior results do not guarantee a similar outcome. BOWDITCH & DEWEY, LLP BOSTON OFFICE ONE INTERNATIONAL PLACE 44TH FLOOR BOSTON, MA FRAMINGHAM OFFICE 175 CROSSING BOULEVARD SUITE 500 FRAMINGHAM, MA WORCESTER OFFICE 311 MAIN STREET P.O. BOX WORCESTER, MA T F

Special Needs Trusts. What is a special needs trust? Why establish a special needs trust?

Special Needs Trusts. What is a special needs trust? Why establish a special needs trust? Special Needs Trusts What is a special needs trust? Why establish a special needs trust? What requirements must a special needs trust meet? What types of special needs trusts are available? How is a special

More information

Special Needs Trusts and Government Benefits Preservation

Special Needs Trusts and Government Benefits Preservation Special Needs Trusts and Government Benefits Preservation Peter H. Wayne, IV Wyatt, Tarrant & Combs, LLP (502) 562-7532 pwayne@wyattfirm.com Q. What is a special needs trust? A. A Special needs trust (

More information

Littman Krooks LLP. Special Report. Using Self-Settled Special Needs Trusts to Protect Public Benefits

Littman Krooks LLP. Special Report. Using Self-Settled Special Needs Trusts to Protect Public Benefits Littman Krooks LLP Special Report Using Self-Settled Special Needs Trusts to Protect Many public benefits available to persons with disabilities, such as Supplemental Security Income (SSI) and Medicaid,

More information

Special Report. Utilizing Special Needs Trusts for Disabled Persons With Litigation Proceeds. Case Study 1: Case Study 2:

Special Report. Utilizing Special Needs Trusts for Disabled Persons With Litigation Proceeds. Case Study 1: Case Study 2: Special Report Utilizing Special Needs Trusts for Disabled Persons With Litigation Proceeds Case Study 1: A personal injury settlement public benefits lost John suffered a disabling brain injury as a result

More information

Special Report. Using Self-Settled Special Needs Trusts to Protect Public Benefits. Case Study 1: A personal injury settlement public benefits lost

Special Report. Using Self-Settled Special Needs Trusts to Protect Public Benefits. Case Study 1: A personal injury settlement public benefits lost Special Report Using Self-Settled Special Needs Trusts to Protect Public Benefits Many public benefits available to persons with disabilities, such as Supplemental Security Income (SSI) and Medicaid, place

More information

Structured Settlements

Structured Settlements Structured Settlements What Is A Structured Settlement? A structured settlement is a way of taking part of your settlement as immediate cash to cover expenses now and part as a series of guaranteed, income

More information

Littman Krooks LLP. Special Report. Case Study 1: Spouse with a disability no public benefits

Littman Krooks LLP. Special Report. Case Study 1: Spouse with a disability no public benefits Littman Krooks LLP Special Report Public Benefits and Case Study 1: Spouse with a disability no public benefits Bill and Linda are in the their mid-30s and have decided to divorce. Linda has Multiple Sclerosis

More information

Estate Planning & Administration

Estate Planning & Administration Estate Planning & Administration Life is a journey that begins and ends with family Comprehensive strategies. Personalized planning. Peace of mind. In a world full of uncertainties, we can help give you

More information

Guidelines for Trustees of First Party Supplemental Needs Trusts

Guidelines for Trustees of First Party Supplemental Needs Trusts NEW YORK STATE BAR ASSOCIATION ELDER LAW SECTION Guidelines for Trustees of First Party Supplemental Needs Trusts Prepared by the Special Needs Planning Committee New York State Bar Association Elder Law

More information

government benefits planning: what claimants need to know

government benefits planning: what claimants need to know government benefits planning: what claimants need to know Government Benefits Hotline: 800-683-4872 info@settlement-alliance.com www.settlement-alliance.com My family relies on Medicaid and Supplemental

More information

How To Set Up A Special Needs Trust

How To Set Up A Special Needs Trust Special Report Public Benefits and Matrimonial Settlements Case Study 1: Disabled spouse no public benefits Bill and Linda are in the their mid-30s and have decided to divorce. Linda has Multiple Sclerosis

More information

Sales Strategy Planning for Special Needs

Sales Strategy Planning for Special Needs Although the unique care of a family member with special needs can often be a significant concern for clients, the task of planning for a high level of ongoing support and funding may be daunting enough

More information

Unraveling the Mystery of Conservatorships and Special Needs Trusts. Conservatorships Who, What, Where, When, Why and How?

Unraveling the Mystery of Conservatorships and Special Needs Trusts. Conservatorships Who, What, Where, When, Why and How? Unraveling the Mystery of Conservatorships and Special Needs Trusts Conservatorships Who, What, Where, When, Why and How? Parents have the absolute right to make decisions for their children until they

More information

Everyone has an Estate Plan--- is it the correct plan?

Everyone has an Estate Plan--- is it the correct plan? Estate Planning for Families with Special Needs Children Presented by Julia Nickerson, JD Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization Nickerson Law Group

More information

PLANNING FOR THE FUTURE: SUPPLEMENTAL AND SPECIAL NEEDS TRUSTS

PLANNING FOR THE FUTURE: SUPPLEMENTAL AND SPECIAL NEEDS TRUSTS PLANNING FOR THE FUTURE: SUPPLEMENTAL AND SPECIAL NEEDS TRUSTS By: Brigitta Sharpe, J.D. & Lori L. Guzmán, J.D. Families of persons with disabilities sometimes face an array of different questions and

More information

Special Needs Trust. What are special needs? What is a special needs trust? When is a special needs trust appropriate?

Special Needs Trust. What are special needs? What is a special needs trust? When is a special needs trust appropriate? Special Needs Trust THE PRUDENTIAL INSURANCE COMPANY OF AMERICA Parents and families of children with special needs face incredible tasks on a daily basis. Family life revolves around the child. 1 Throughout

More information

ENROLLMENT MANUAL. Through this Manual, you will learn how PLAN of Arizona, Inc., can work for you.

ENROLLMENT MANUAL. Through this Manual, you will learn how PLAN of Arizona, Inc., can work for you. ENROLLMENT MANUAL Introduction Planned Lifetime Assistance Network of Arizona (PLAN of Arizona) is a non-profit organization based in Phoenix, Arizona. PLAN provides planning, Supplemental Needs Trusts,

More information

SETTLEMENT CONSULTING. Special Needs Trust FAQs

SETTLEMENT CONSULTING. Special Needs Trust FAQs SETTLEMENT CONSULTING Special Needs Trust FAQs What Is A Special Needs Trust? The primary purpose of creating a Special Needs Trust is to continue the monthly tax-free SSI disability benefits and secure

More information

LEGAL SMARTS FOR FAMILIES WITH SPECIAL NEEDS CHILDREN. Guardianship Government Benefits Special Needs Trusts

LEGAL SMARTS FOR FAMILIES WITH SPECIAL NEEDS CHILDREN. Guardianship Government Benefits Special Needs Trusts LEGAL SMARTS FOR FAMILIES WITH SPECIAL NEEDS CHILDREN Guardianship Government Benefits Special Needs Trusts GUARDIANSHIP 1. Why should it be considered? 2. What is it? 3. How do you get it? 4. When can

More information

What Attorneys Need To Know About Special Needs Trusts

What Attorneys Need To Know About Special Needs Trusts What Attorneys Need To Know About Special Needs Trusts Bernard A. Krooks and Andrew Hook A. What Is A Special Needs Trust? 1. Introduction a. People with disabilities have many needs beyond basic medical

More information

Some combination of the above.

Some combination of the above. I. Special Needs Trust First Party Planning Overview If a person with a disability receives assets (typically from an inheritance, litigation recovery, or life insurance policy) while at the same time

More information

SPECIAL NEEDS TRUSTS. THE BASICS: What you need to know

SPECIAL NEEDS TRUSTS. THE BASICS: What you need to know SPECIAL NEEDS TRUSTS THE BASICS: What you need to know Presenter Karen Currie Trust Associate at Commonwealth Community Trust MBA from Clark University Commonwealth Community Trust (CCT) National nonprofit

More information

Darlene A. Kemp, MPH, MBA-HCM 2014 National Lifespan Respite Conference. Respite Care Through Special Needs Trusts

Darlene A. Kemp, MPH, MBA-HCM 2014 National Lifespan Respite Conference. Respite Care Through Special Needs Trusts Darlene A. Kemp, MPH, MBA-HCM 2014 National Lifespan Respite Conference Respite Care Through Special Needs Trusts Presenter Biography Darlene A. Kemp is the Executive Director of Vista Points, Inc. The

More information

SPECIAL NEEDS TRUSTS: THE BASICS EVERY LAWYER SHOULD KNOW. By Michele P. Fuller

SPECIAL NEEDS TRUSTS: THE BASICS EVERY LAWYER SHOULD KNOW. By Michele P. Fuller SPECIAL NEEDS TRUSTS: THE BASICS EVERY LAWYER SHOULD KNOW By Michele P. Fuller Just when you think your work is done, the case resolved, they drag you back in. Something in the back of your mind tells

More information

FREQUENTLY ASKED QUESTIONS REGARDING THE PLAN LIFE TRUST

FREQUENTLY ASKED QUESTIONS REGARDING THE PLAN LIFE TRUST Rev 8/17/07 INTRODUCTION PLAN of Maryland - D.C., Inc. 604 South Frederick Avenue, Suite 411 Gaithersburg, Maryland 20877 Tel: 301-740-8444 - Fax 301-740-8455 www.planofmd-dc.org FREQUENTLY ASKED QUESTIONS

More information

Planning For Individuals With Disabilities: Special Needs Trusts

Planning For Individuals With Disabilities: Special Needs Trusts Planning For Individuals With Disabilities: Special Needs Trusts Amber K. Quintal special needs trusts are means for persons with disabilities to qualify to receive government benefits from needs-based

More information

A Primer. on Special Needs Trusts JOHN STAUNTON, P.A. A Professional Association. Copyright 2008. John Staunton, P.A.

A Primer. on Special Needs Trusts JOHN STAUNTON, P.A. A Professional Association. Copyright 2008. John Staunton, P.A. A Primer on Special Needs Trusts JOHN STAUNTON, P.A. A Professional Association Copyright 2008. John Staunton, P.A. Contents WHAT MAKES A TRUST A SPECIAL NEEDS TRUST 3 ELIGIBILITY FOR MEANS TESTED PROGRAMS

More information

The. Estate Planner. Pension payouts: What s the best option? Take care of a loved one who has special needs with an SNT. Shopping for tax savings

The. Estate Planner. Pension payouts: What s the best option? Take care of a loved one who has special needs with an SNT. Shopping for tax savings The Estate Planner September/October 2011 Pension payouts: What s the best option? Take care of a loved one who has special needs with an SNT Shopping for tax savings Relocating a trust to a tax-friendly

More information

The Voice, The Official Newsletter of SNA

The Voice, The Official Newsletter of SNA October 2007 - Vol. 1, Issue 1 The Voice, The Official Newsletter of SNA Welcome! how we help families how we help professionals related topics more about us unsubscribe here You are reading The Voice,

More information

(6) The following trusts may not be counted in determining eligibility for Medical Assistance:

(6) The following trusts may not be counted in determining eligibility for Medical Assistance: 10.09.24.08-2.08-2 Treatment of Trust Amounts. A. (text unchanged) B. Treatment of Trusts Established after August 10, 1993. (1) (5) (text unchanged) (6) The following trusts may not be counted in determining

More information

Robert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com

Robert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com Law Offices of Robert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com ESTATE PLANNING Estate planning is more than simply signing

More information

IDENTIFYING THE RIGHT TRUST FOR YOUR SITUATION PLAN FOR TOMORROW, TODAY

IDENTIFYING THE RIGHT TRUST FOR YOUR SITUATION PLAN FOR TOMORROW, TODAY IDENTIFYING THE RIGHT TRUST FOR YOUR SITUATION PLAN FOR TOMORROW, TODAY Life s ups and downs make it difficult to predict the future. Your family, your health, your career may all look fine today, but

More information

Governmental and Private Resources for Persons with Brain Injuries and their Families

Governmental and Private Resources for Persons with Brain Injuries and their Families Governmental and Private Resources for Persons with Brain Injuries and their Families Bill Levis BIAC Past President and Family Member April 23, 2014 Resources When A Loved One Suffers A Brain Injury County

More information

WHAT TRIAL LAWYERS NEED TO KNOW ABOUT SPECIAL NEEDS TRUSTS AND DISABILITY PLANNING

WHAT TRIAL LAWYERS NEED TO KNOW ABOUT SPECIAL NEEDS TRUSTS AND DISABILITY PLANNING WHAT TRIAL LAWYERS NEED TO KNOW ABOUT SPECIAL NEEDS TRUSTS AND DISABILITY PLANNING David L. McGuffey, CELA 202 W. Crawford Street, Ste B Dalton, GA 30720 (706) 428-0888 david@mcguffey.net Disabled individuals

More information

Special Needs Planning By: Daniel J. Dingeman, Esq. Dingeman, Dancer & Christopherson, PLC Traverse City, MI April 2009

Special Needs Planning By: Daniel J. Dingeman, Esq. Dingeman, Dancer & Christopherson, PLC Traverse City, MI April 2009 Special Needs Planning By: Daniel J. Dingeman, Esq. Dingeman, Dancer & Christopherson, PLC Traverse City, MI April 2009 I. INTRODUCTION A. Special Needs Planning for Persons with Disabilities is planning

More information

Special Needs Planning and Personal Injury Settlements. Bret H. Davis. Presented for the Horry County Probate Court Continuing Legal Education Program

Special Needs Planning and Personal Injury Settlements. Bret H. Davis. Presented for the Horry County Probate Court Continuing Legal Education Program Special Needs Planning and Personal Injury Settlements Bret H. Davis Presented for the Horry County Probate Court Continuing Legal Education Program June 1, 2007 I. Special Needs Planning Generally A.

More information

KIMBERLY A. PATON, ESQUIRE THE PATON LAW FIRM, LLC 29 N. FARVIEW AVENUE PARAMUS, NEW JERSEY 07652

KIMBERLY A. PATON, ESQUIRE THE PATON LAW FIRM, LLC 29 N. FARVIEW AVENUE PARAMUS, NEW JERSEY 07652 KIMBERLY A. PATON, ESQUIRE THE PATON LAW FIRM, LLC 29 N. FARVIEW AVENUE PARAMUS, NEW JERSEY 07652 201-291-1603 (PHONE) 201-291-1605 (FAX) KIMBERLY@PATONLAWFIRM.COM WWW.PATONLAWFIRM.COM ESTATE PLANNING

More information

G U A R D I A N S H I P S E R V I C E S O F S E A T T L E

G U A R D I A N S H I P S E R V I C E S O F S E A T T L E About Guardianship Services of Seattle Created in 1985, Guardianship Services of Seattle provides fiduciary services to a wide variety of people. We act as court appointed guardian or trustee. Individuals

More information

DIVORCE AND SPECIAL NEEDS PLANNING: ISSUES WHEN A PARTY IN A DIVORCE HAS A DISABILITY OR HAS A CHILD WITH A DISABILITY

DIVORCE AND SPECIAL NEEDS PLANNING: ISSUES WHEN A PARTY IN A DIVORCE HAS A DISABILITY OR HAS A CHILD WITH A DISABILITY 1 DIVORCE AND SPECIAL NEEDS PLANNING: ISSUES WHEN A PARTY IN A DIVORCE HAS A DISABILITY OR HAS A CHILD WITH A DISABILITY Submitted by: Theresa M. Varnet Spain, Spain & Varnet P.C. 33 North Dearborn Street,

More information

Special Needs Trusts, Guardianships & Financial Planning

Special Needs Trusts, Guardianships & Financial Planning Special Needs Trusts, Guardianships & Financial Planning Martin L. Pierce, Attorney Certified Estate Planning Specialist Member, National Academy of Elder Law Attorneys www.martinpiercelaw.com 423.648.4303

More information

Attorney Sharon L. Pope DILLMAN & POPE, ATTORNEYS AT LAW 1160 SILAS DEANE HWY. WETHERSFIELD, CT. 06109 860-563 -4070; S POP E@CTS EN IORLAW.

Attorney Sharon L. Pope DILLMAN & POPE, ATTORNEYS AT LAW 1160 SILAS DEANE HWY. WETHERSFIELD, CT. 06109 860-563 -4070; S POP E@CTS EN IORLAW. Attorney Sharon L. Pope DILLMAN & POPE, ATTORNEYS AT LAW 1160 SILAS DEANE HWY. WETHERSFIELD, CT. 06109 860-563 -4070; S POP E@CTS EN IORLAW.COM OBRA'93 MEDICAID TRUSTS FOR PERSONS WITH disabllltles Background

More information

Virginia Medicaid Explanation

Virginia Medicaid Explanation SPECIAL REPORT This Special Report is brought to you by HOOK LAW CENTER Legal Power for Seniors Tel: 757-399-7506 Fax: 757-397-1267 Locations: Virginia Beach 295 Bendix Road, Suite 170 Virginia Beach,

More information

settlement planning guide for plaintiffs

settlement planning guide for plaintiffs settlement planning guide for plaintiffs If you expect to receive a settlement as the result of a major injury or the death of a loved one, it is normal to feel overwhelmed. You may have questions about

More information

The Value of Using Irrevocable Trusts in Medicaid Planning

The Value of Using Irrevocable Trusts in Medicaid Planning THE LAW OFFICE OF JEFFREY M. JANEIRO, P.L. 5621 STRAND BLVD., SUITE 101 NAPLES, FLORIDA 34110 TEL. (239)-513-2324 FAX. (239)-513-9580 www.janeirolaw.com The Value of Using Irrevocable Trusts in Medicaid

More information

Do Mom & Dad have a will? Do they have a special needs trust set up for her? Where can I find these important documents?

Do Mom & Dad have a will? Do they have a special needs trust set up for her? Where can I find these important documents? Does he have a legal guardian? What are the options? Do Mom & Dad have a will? Do they have a special needs trust set up for her? Where can I find these important documents? Wills/inheritance Special Needs

More information

PLANNING CONSIDERATIONS FOR PARENTS OF CHILDREN WITH DISABILITIES

PLANNING CONSIDERATIONS FOR PARENTS OF CHILDREN WITH DISABILITIES PLANNING CONSIDERATIONS FOR PARENTS OF CHILDREN WITH DISABILITIES I. Importance of Estate Planning Matthew B. Bogin, Esq. 5454 Wisconsin Avenue Chevy Chase, MD 20815 301 656 1755 matthew.bogin@boginlaw.com

More information

A Guide For Representative Payees

A Guide For Representative Payees A Guide For Representative Payees Contact Social Security Visit our website Our website, www.socialsecurity.gov, is a valuable resource for information about all of Social Security s programs. At our website

More information

Medicaid s Asset Transfer Rules

Medicaid s Asset Transfer Rules Medicaid s Asset Transfer Rules Medicaid s Asset Transfer Rules Know who can give and receive Copyright 2013 ElderLaw Answers The information in this guide should not be considered legal advice. While

More information

A Guide For Representative Payees

A Guide For Representative Payees A Guide For Representative Payees Contact Social Security Visit our website At our website, www.socialsecurity.gov, you can: Create a my Social Security account to review your Social Security Statement,

More information

The. Estate Planner. Should your life insurance be in an FLP? Special needs require a special needs trust. An estate planning strategy for your heirs

The. Estate Planner. Should your life insurance be in an FLP? Special needs require a special needs trust. An estate planning strategy for your heirs The Estate Planner July/August 2008 Should your life insurance be in an FLP? Special needs require a special needs trust The inheritor s trust An estate planning strategy for your heirs Estate Planning

More information

47. Trusts and Annuities [Article 9J]

47. Trusts and Annuities [Article 9J] Medi-Cal Handbook page 47-1 47. 47.1 Background The Omnibus Reconciliation Act of 1993 (OBRA 93) was amended to provide new requirements for the treatment of trusts and annuities. The new procedures for

More information

Wherever you re going, get there with someone you trust.

Wherever you re going, get there with someone you trust. Wherever you re going, get there with someone you trust. E state Planning Right Here, at Home. COMPLETE YOUR ESTATE PLAN WITH YOUR ATTORNEY IMPLEMENT YOUR ESTATE PLAN THROUGH ATG TRUST Over the last three

More information

PLANNING A STRUCTURED SETTLEMENT FOR SOCIAL SECURITY BENEFICIARIES

PLANNING A STRUCTURED SETTLEMENT FOR SOCIAL SECURITY BENEFICIARIES PLANNING A STRUCTURED SETTLEMENT FOR SOCIAL SECURITY BENEFICIARIES This is one of a series of articles written for benefits specialists employed by Benefits Planning, Assistance and Outreach (BPA&O) projects

More information

With one in every 26 American families

With one in every 26 American families A Look at the Law Special Needs Trusts: A Planning Tool with Promise by Ruthann P. Lacey With one in every 26 American families reporting raising a child with a disability, 1 interest in and demand for

More information

USING THIRD PARTY SNTs IN ESTATE PLANNING

USING THIRD PARTY SNTs IN ESTATE PLANNING USING THIRD PARTY SNTs IN ESTATE PLANNING An Excerpt from the presentation for Stetson University College of Law 2010 Special Needs Trusts - The National Conference by Stuart D. Zimring Date October 22,

More information

. SPECIAL NEEDS TRUST ATTORNEY REVIEW AND STATEMENT

. SPECIAL NEEDS TRUST ATTORNEY REVIEW AND STATEMENT . SPECIAL NEEDS TRUST ATTORNEY REVIEW AND STATEMENT This document provides guidance on the creation of a Special Needs Trusts for purposes of eligibility for the Maryland Medical Assistance Program and

More information

Family Business Succession Planning

Family Business Succession Planning Concannon Wealth Management 1525 Valley Center Parkway Suite 310 Bethlehem, PA 18017 610-814-2474 www.cwm.us.com Family Business Succession Planning June 01, 2013 Page 1 of 9, see disclaimer on final page

More information

How To Know How To Get A Pension From The Social Security Program

How To Know How To Get A Pension From The Social Security Program How Does My Inheritance or Lawsuit Settlement Affect My Benefits? 1. How will the money or assets I receive from my settlement or an inheritance affect my benefits? The money you receive from your settlement

More information

the Private Trust Company planning with confidence Simplified Trust Solutions

the Private Trust Company planning with confidence Simplified Trust Solutions the Private Trust Company planning with confidence Simplified Trust Solutions What is a Trust? As the nation s leading independent broker/dealer*, LPL Financial serves the independent financial advisor

More information

Securing SSI & Other Government Benefits. Fletcher Tilton, Attorneys at Law Terry Monkaba, MBA

Securing SSI & Other Government Benefits. Fletcher Tilton, Attorneys at Law Terry Monkaba, MBA Securing SSI & Other Government Benefits Fletcher Tilton, Attorneys at Law Terry Monkaba, MBA Introduction to Social Security Benefits That Are Available to Persons with Disabilities If you are disabled

More information

Estate Planning. Chapter. In This Chapter. Survivorship Interests Payment on Death Accounts. Life Insurance

Estate Planning. Chapter. In This Chapter. Survivorship Interests Payment on Death Accounts. Life Insurance Estate Planning Your estate includes the assets and liabilities you will leave after you pass away. It is important to plan for how you want to pass your estate, including what you want to give away and

More information

FINANCIAL PLANNING FOR DUP 15Q FAMILIES

FINANCIAL PLANNING FOR DUP 15Q FAMILIES FINANCIAL PLANNING FOR DUP 15Q FAMILIES PRESENTED BY JEFF ROZOVICS (RILEY S DAD) LEGAL DISCLAIMER This presentation includes information about legal issues and legal developments. Such materials are for

More information

Estate Planning Questionnaire

Estate Planning Questionnaire Estate Planning Questionnaire (Compiled by the University of Colorado American Indian Law Clinic) i I. General Information 1. Full name: 2. Nickname, maiden name, or other names used: 3. Marital status:

More information

The Basics of Estate Planning

The Basics of Estate Planning The Basics of Estate Planning Introduction The process of estate planning can be a daunting prospect. Often individuals will avoid the process altogether. Obviously, this is not the best approach since

More information

How To Make A Special Needs Trust

How To Make A Special Needs Trust Special Needs Trusts and Government Benefits: What attorneys should know about special needs trusts and disability benefits. April 14, 2014 By Barbara A. Isenhour ISENHOUR BLECK, P.L.L.C. 1200 Fifth Avenue,

More information

ESTATE PLANNING WORKSHEET

ESTATE PLANNING WORKSHEET ESTATE PLANNING WORKSHEET Please complete the following worksheet and mail it to my office prior to our initial meeting, or e-mail it, or bring it with you. At the end of the worksheet is a list of documents

More information

News Digest N I C H C Y. Estate Planning. Volume 2, Number 1, 1992. Table of Contents. Estate Planning...1. Overview of Estate Planning Issues...

News Digest N I C H C Y. Estate Planning. Volume 2, Number 1, 1992. Table of Contents. Estate Planning...1. Overview of Estate Planning Issues... N I C H C Y Estate Planning Volume 2, Number 1, 1992 News Digest National Information Center for Children and Youth with Disabilities Washington, DC This issue of NEWS DIGEST focuses on one very important

More information

ESTATE PLANNING ALERT TAX RELIEF TO END

ESTATE PLANNING ALERT TAX RELIEF TO END ESTATE PLANNING ALERT TAX RELIEF TO END The Gift Tax Exemption of $5,120,000 per person is due to expire December 31, 2012. So act now to create a tax free estate plan for you and your family. Planning

More information

Some individuals are dual eligible meaning they qualify for both Medicaid and Medicare. In

Some individuals are dual eligible meaning they qualify for both Medicaid and Medicare. In Understanding Dual Eligibility The Interplay between Medicare and Medicaid Jason D. Lazarus, Esq. Introduction Some individuals are dual eligible meaning they qualify for both Medicaid and Medicare. In

More information

Estate Planning Checklist

Estate Planning Checklist Estate Planning Checklist BASIC DOCUMENTS THAT SHOULD BE PART OF EVERY PLAN Last Will and Testament Living Will Durable Power of Attorney For Healthcare Durable Power of Attorney For Finances and Property

More information

Estate Planning. Some common tools used to help meet those particular needs include:

Estate Planning. Some common tools used to help meet those particular needs include: Estate Planning The Importance of Having an Estate Plan Having an estate plan is one of the most important things you can do for your family. It's not just about planning for estate taxes; it's about developing

More information

Special Needs Trusts in the Context of Personal Injury Settlements

Special Needs Trusts in the Context of Personal Injury Settlements Special Needs Trusts in the Context of Personal Injury Settlements I. INTRODUCTION Virtually any personal injury case will involve two issues that are often seen as afterthoughts by personal injury attorneys,

More information

+ Protecting Your Client s Settlement Using Trusts

+ Protecting Your Client s Settlement Using Trusts + Protecting Your Client s Settlement Using Trusts Presented by: Andrew H. Hook, CELA, CFP, AEP Shannon A. Laymon-Pecoraro, Esq. Tel: (757) 399-7506 www.hooklawcenter.com + Overview 2 Introduction To Special

More information

Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho

Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho Question 1: What is Medicaid? Answer: Medicaid is a government program that pays for medical services, including long-term

More information

TAKING CONTROL OF YOUR FUTURE THROUGH BASIC ESTATE PLANNING

TAKING CONTROL OF YOUR FUTURE THROUGH BASIC ESTATE PLANNING TAKING CONTROL OF YOUR FUTURE THROUGH BASIC ESTATE PLANNING Prepared by Emily S. Starr The Law Office of Ciota, Starr & Vander Linden LLP 625 Main Street Seven State Street Fitchburg, MA 01420 Worcester,

More information

HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2015 (New York)

HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2015 (New York) HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2015 (New York) I. Purposes of Estate Planning. II. A. Providing for the distribution and management of your assets after your death.

More information

The 2015 Self-Assessment Guide For Long Term Care Insurance

The 2015 Self-Assessment Guide For Long Term Care Insurance The 2015 Self-Assessment Guide For Long Term Care Insurance A JOINT PUBLICATION BY: SHIP State Health Insurance Assistance Program And Indiana Partnership Long Term Care Insurance Program Both of the Indiana

More information

Making a will and a lasting power of attorney. Fact sheet

Making a will and a lasting power of attorney. Fact sheet Making a will and a lasting power of attorney Fact sheet Introduction Putting in place arrangements for what happens to your estate after your death is a sensible step for the future security of your family.

More information

It is possible to collect both Social Security benefits and SSI. This is referred to as concurrent benefits.

It is possible to collect both Social Security benefits and SSI. This is referred to as concurrent benefits. Social Security & Supplemental Security Income (SSI) Social Security Administration pays retirement and disability benefits to eligible individuals and family members. Widows, widowers and their children

More information

Butenhof & Bomster, PC 149 Hanover Street, Suite 300 Manchester, NH 03101 Phone (603) 296-0428 Fax (603) 296-0430.

Butenhof & Bomster, PC 149 Hanover Street, Suite 300 Manchester, NH 03101 Phone (603) 296-0428 Fax (603) 296-0430. Butenhof & Bomster, PC 149 Hanover Street, Suite 300 Manchester, NH 03101 Phone (603) 296-0428 Fax (603) 296-0430 The Cost of Care New Hampshire Medicaid Rules for Long-Term Nursing Home Care Prepared

More information

Will and Living Trust information Packet

Will and Living Trust information Packet Will and Living Trust information Packet University of the Nations Gift Planning Services 75-5851 Kuakini Hwy, #433 Kailua-Kona, Hawaii 96740-2199 Phone 808-326-4453 Dear Friend of YWAM Kona, Many people

More information

IS A TRUST RIGHT FOR YOU?

IS A TRUST RIGHT FOR YOU? : IS A TRUST RIGHT FOR YOU? You take care of your family and work hard for the things you ve acquired. You take the necessary steps during life to ensure your family s security and well-being and to avoid

More information

CALIFORNIA GUIDE TO BASIC ESTATE PLANNING 2014

CALIFORNIA GUIDE TO BASIC ESTATE PLANNING 2014 CALIFORNIA GUIDE TO BASIC ESTATE PLANNING 2014 Prepared by: GLASER WEIL FINK HOWARD AVCHEN & SHAPIRO LLP Century City Office 10250 Constellation Boulevard, 19 th Floor Los Angeles, California 90067 (310)

More information

Protecting Personal-Injury Awards With SNT s

Protecting Personal-Injury Awards With SNT s THE LAW FIRM OF BOVE & LANGA A PROFESSIONAL CORPORATION TEN TREMONT STREET, SUITE 600 BOSTON, MASSACHUSETTS 02108 Telephone: 617.720.6040 Facsimile: 617.720.1919 www.bovelanga.com Trusts & Estates Forum

More information

Trust and Estate Solutions

Trust and Estate Solutions Trust and Estate Solutions WHAT IS A TRUST? A trust is simply your instructions for the management of all or part of your property. An attorney who represents you and has expertise in the area of estate

More information

Special Needs Children and Life Insurance

Special Needs Children and Life Insurance Special Needs Children and Life Insurance When we became parents our worlds changed in ways we never imagined. We took on new obligations and responsibilities. Our responsibilities and worries change as

More information

Illinois. State Supplementation. Illinois. Mandatory Minimum Supplementation

Illinois. State Supplementation. Illinois. Mandatory Minimum Supplementation Illinois State Supplementation Mandatory Minimum Supplementation Administration: State Department of Human Services. Optional State Supplementation Administration: State Department of Human Services. Effective

More information

Paying for Long-Term Care: An Overview of Medical Assistance. Prepared by the Elder Law Team at:

Paying for Long-Term Care: An Overview of Medical Assistance. Prepared by the Elder Law Team at: Paying for Long-Term Care: An Overview of Medical Assistance Prepared by the Elder Law Team at: THE NUMBERS REFERENCED IN THIS BOOKLET CHANGE IN JANUARY AND JULY OF EACH YEAR. WE RECOMMEND YOU MEET WITH

More information

State Treasury Achieving a Better Life Experience ( STABLE ) Accounts: Frequently Asked Questions

State Treasury Achieving a Better Life Experience ( STABLE ) Accounts: Frequently Asked Questions State Treasury Achieving a Better Life Experience ( STABLE ) Accounts: Frequently Asked Questions BASICS Q: What is a STABLE Account? A: A STABLE Account is an investment account available to eligible

More information

ESTATE PLANNING WORKBOOK

ESTATE PLANNING WORKBOOK Mortel Law, PLLC 7825 3 rd Street N, Suite 204 St. Paul, MN 55128 Tel 651.288.2843 Fax 651.731.5496 jmortel@mortellaw.com ESTATE PLANNING WORKBOOK This packet is provided as part of the Estate Planning

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions What is a Revocable Living Trust? A trust is a contract where one (Grantor/Settlor) or two or more persons (Grantors/Settlors) transfers property to a non-person entity for the

More information

TALKING TO YOUR AGING PARENTS

TALKING TO YOUR AGING PARENTS TALKING TO YOUR AGING PARENTS A free publication provided by The West Virginia State Treasurer s Office Visit www.wvtreasury.com or Call 1.800.422.7498 From the Office of West Virginia State Treasurer,

More information

How To Save Your Family From Deep Financial Mistakes With Proper Estate Planning

How To Save Your Family From Deep Financial Mistakes With Proper Estate Planning How To Save Your Family From Deep Financial Mistakes With Proper Estate Planning Wills, Living Trusts, and How To Avoid Time Consuming and Expensive Probates. By: Brian Willie, Attorney At Law Orange County

More information

TRACY CHRISTEN REIMANN, P.C.

TRACY CHRISTEN REIMANN, P.C. TRACY CHRISTEN REIMANN ATTORNEY AT LAW (ALSO ADMITTED IN NJ & DC) TRACY CHRISTEN REIMANN, P.C. 376 ROUTE 202 SOMERS, NY 10589 TEL (914) 617-8447 FAX (914) 801-5909 E-Mail: reimannlaw@optonline.net www.tcreimannlaw.com

More information

AGING SERVICES DIVISION ABOUT WILL YOUR. Prepared in cooperation. www.okdhs.org

AGING SERVICES DIVISION ABOUT WILL YOUR. Prepared in cooperation. www.okdhs.org AGING SERVICES DIVISION ABOUT YOUR WILL Prepared in cooperation with Legal Aid of Oklahoma www.okdhs.org Prepared in cooperation with Legal Aid Services of Oklahoma 2 What s a will? A will is a written

More information

Irrevocable Life Insurance Trusts

Irrevocable Life Insurance Trusts Irrevocable Life Insurance Trusts Producer Guide 1 Irrevocable Life Insurance Trusts For producer use only. Not for distribution to the public. An In-Depth Look at the ILIT An irrevocable life insurance

More information

Personal Injuries Happen. Justice Is Sought. Special Needs Must Be Addressed. Special Needs Require Special Settlement Planning

Personal Injuries Happen. Justice Is Sought. Special Needs Must Be Addressed. Special Needs Require Special Settlement Planning Personal Injuries Happen. Justice Is Sought. Special Needs Must Be Addressed. Special Needs Require Special Settlement Planning Why Use the Special Needs Law Firm? In most personal injury cases, the path

More information

1: You Need a Good Estate Plan

1: You Need a Good Estate Plan 1: You Need a Good Estate Plan A good estate plan will help you anticipate the future and manage the present. It is in your best interest and that of your heirs to make certain your intentions are clear.

More information

SPECIAL REPORT: Wrapping Up the Personal Injury Settlement

SPECIAL REPORT: Wrapping Up the Personal Injury Settlement Call today: 757-399-7506. We help families navigate the legal maze and implement plans to secure their futures. SPECIAL REPORT: Wrapping Up the Personal Injury Settlement Once a personal injury settlement

More information

PREPARING YOUR WILL WHY HAVE A WILL. The first reason for having a Will is to provide an orderly administration of your estate that ensures

PREPARING YOUR WILL WHY HAVE A WILL. The first reason for having a Will is to provide an orderly administration of your estate that ensures PREPARING YOUR WILL WHY HAVE A WILL The first reason for having a Will is to provide an orderly administration of your estate that ensures that your assets are distributed amongst those that you wish to

More information