FREE DOWNLOAD: Fundamentals of Special Needs Trusts – Modification

Modification Special Needs Trusts [a] Revocable Trust vs. Irrevocable Trust A SNT established by a third party for the benefit of a beneficiary with a disability and funded with the grantor's assets (not the assets of the beneficiary who has a disability) could certainly be created as a garden...

Model Letter to Special Needs Trustee

Comment : What follows is a sample letter to be sent by an attorney who has established a testamentary special needs trust for a disabled adult. The letter is intended for the brother, sister or other individual who will be serving as trustee. It assumes that the parent who had previously cared...

Matter of Jennings v Commissioner, N.Y.S. Dept. of Social Services, 2010 NY Slip Op 150, 2010 N.Y. App. Div. LEXIS 157 (2d Dep’t, January 5, 2010, Decided)

Trial court erred in annulling commissioner's ruling that a decedent's income placed in special needs trust (SNT) was countable for Medicaid post-eligibility purposes to calculate decedent's required contribution toward her cost of care because, inter alia, 42 U.S.C.S. § 1396p(d)(4)...

Fundamentals of Special Needs Trusts - Inheritance & Lifetime Gifting; Redirecting IRAs

1-3 Fundamentals of Special Needs Trusts § 3.03 Inheritance & Lifetime Gifting Redirecting IRAs In the same way that parents or grandparents sometimes fail to recognize the importance of directing a child/grandchild's inheritance to a SNT when the child/grandchild suffers from...

Fundamentals of Special Needs Trusts - Inheritance & Lifetime Gifting; Redirecting Inheritance into a First-Party SNT

1-3 Fundamentals of Special Needs Trusts § 3.03 Inheritance & Lifetime Gifting Redirecting Inheritance into a First-Party SNT The SNT attorney may be faced with a situation where a decedent leaves a bequest to an individual with a disability not understanding the adverse impact...

Sources of Assets for Special Needs Trusts: Litigation Proceeds

When funding a SNT with proceeds from personal injury litigation, whether as the result of settlement, arbitration, or court order, care must be taken to consider all relevant factors, including projected costs over the beneficiary's expected lifetime, any required paybacks for medical expenses...

Special Needs Trusts: Inheritance & Lifetime Gifting

Transfers to third-party Special Needs Trusts by way of inheritance or lifetime gifting are efficient ways to fund third-party Special Needs Trusts. This chapter of Fundamentals of Special Needs Trusts provides details of how parents, grandparents, siblings and others can direct an inheritance to...

The Taxation Of Special Needs Trusts

Special needs trusts (SNT's) are established to benefit disabled persons who may be eligible for government assistance programs. These trusts may be first party trusts funded with the disabled person's funds or third party trusts funded by Read More...

Modifying Third-Party Trusts into a SNT

[a] Introduction As noted in § 1.05[1], most SNTs, especially first-party or self-settled SNTs are drafted as irrevocable trusts. Presumably this is to satisfy 42 U.S.C. § 1396p(d)(4)(A) that requires such self-settled trusts to be "established for the benefit of such individual...

A Model Special Needs Trust

This model “Special Needs Trust” is a sample of a document used to shield assets that will be needed in the future for the care of an incapacitated elderly person or a disabled adult child. Because of the “SNT”, the assets will not be counted when determining if the person is...

Rebecca Morgan on Special Needs Trusts

Special Needs Trusts can provide an enhanced quality of life to individuals with disabilities without impairing their public benefits. In this Analysis, Professor Rebecca Morgan, former President of NAELA, examines some special issues that can be encountered in this area, such as working with a structured...

Surrogate abuses discretion by denying an administratrix's petition seeking approval of a NY EPTL 7-1.12(a)(5) supplemental needs trust - Matter of Woolworth (N.Y. App. June 2010)

A Surrogate abused his discretion by denying an administratrix's petition seeking approval of a supplemental needs trust (SNT) based on the entire amount of the settlement proceeds she was receiving from a wrongful death action as the proposed SNT complied with EPTL 7-1.12(a)(5) and she was a...

Supplemental Needs Trusts

The objective of a Supplemental Needs Trust is to provide the disabled person with goods and services not adequately provided for by governmental programs such as Medicaid and Supplemental Security Income (SSI), without jeopardizing the recipient’s rights to such benefits. Read More ....

Special Needs Planning - It is more than drafting a Trust

This Article is a summary of the body of knowledge that a Special Needs Planner will utilize in developing a comprehensive plan for a person with a disability and his or her family. Special Needs Planning is more than drafting a Special Needs Trust (SNT). While a SNT is important tool, it is not...

Andrew Hook of Oast & Hook on Drafting Special Needs Trusts

On this edition, Andrew Hook of Oast & Hook discusses the different types of special needs trusts, where to find applicable law, and some of the most important issues to consider when drafting one. He talks about common errors attorneys make when preparing such trusts and available resources to assist...

Court Can't Create a Special Needs Trust Where There Wasn't a Will

While courts have the power to interpret a person's intent in a Will to create a Special Needs Trust for a disabled beneficiary, even when the Will does not specifically create such trust, the courts can't create a Special Need Trust out of thin air if the person didn't have a Will. Stacey...

Medicare Set-Asides and Special Needs Trusts

By Jennifer C. Jordan, Esq., General Counsel, MEDVAL LLC Now that those involved in personal injury settlements, whether workers’ compensation or liability insurance based, have finally come to understand the Medicare Secondary Payer Act (“MSP”) to some extent, it appears that...

Potential Pitfalls Involving Medicare Set-Asides, Special Needs Trusts

By Jennifer C. Jordan, Esq., General Counsel, MEDVAL LLC Now that those involved in personal injury settlements, whether workers' compensation or liability insurance based, have finally come to understand the Medicare Secondary Payer Act ("MSP") to some extent, it appears that they have...

Podcast: Special Needs Planning and Trusts and the Impact of the PPACA Health Care Reform Act

Why should Estate Planning and Special Needs Attorneys be concerned about the new Patient Protection and Affordable Care Act? That question is answered by Certified Elder Law Attorney Andrew Hook, CELA, CFP®, of Oast & Hook, P.C., the past president of the Special Needs Alliance. Hook discusses...

Bradley Frigon on Developing a Financial Plan for a First-Party SNT Receiving a Personal Injury Settlement

When the beneficiary of a first-party special needs trust (SNT) receives a personal injury (PI) settlement or a damage award with a structured settlement annuity contract, a financial advisor must address many factors in creating a financial plan. Factors range from the structuring of the settlement...

When a First-Party SNT Obtains a Personal Injury Settlement - Developing a Financial Plan

When the beneficiary of a first-party special needs trust (SNT) receives a personal injury (PI) settlement or a damage award with a structured settlement annuity contract, a financial advisor must address many factors ....

What is a Pooled Trust, and When Should You Use One?

A pooled trust is a trust established and administered by a non-profit organization. A separate account is established for each beneficiary of the trust, but for the purposes of investment and management of funds, the trust pools these accounts. For self-settled, or (d)(4)(C) pooled trusts, each subaccount...

New Bill Would Help Special Needs Children of Military Retirees

If it becomes law, a new bill introduced in the U.S. House of Representatives will provide greater financial security to special needs children of retired military personnel. House Bill 4329, The Disabled Military Child Protection Act, would allow military retirees who participate in the Survivor Benefit...

Special Needs Trusts: What Happens When You Ignore Special Needs Planning

Another example of the importance of special needs trusts. I was contacted about a client with an all-too-common issue. A lady died several years ago without a will. At the time of her death, she owned a home that had been severely damaged by Hurricane Katrina. The home was uninsured and ineligible for...

Florida's Qualifying Special Needs Trusts

By Mary Alice Jackson * In Florida, a "qualifying special needs trust" can be included for an ill spouse in the healthy spouse's Last Will. All funds transferred into that trust will be excluded from consideration for Medicaid long-term care benefits, thus providing the ill spouse with...