Third Party Special Needs Trusts
A. INTRODUCTION In the course of protecting our client’s eligibility for important public benefits, which often make a huge difference in their quality of life, attorneys are called upon to draft and assist in administering various types of trusts. We are also expected to counsel our clients as to whether a particular trust is appropriate. …
Pooled Trusts – Statutory Requirements
A self-settled pooled trust is defined as a trust containing the assets of an individual who is disabled that meets the six conditions discussed in the following sections. Disabled The trust must be for the benefit of a person with disabilities. Disability is defined by the Social Security Act § 1382c(a)(3). A person receiving SSI…
2009 Revisions to the Social Security Administration POMS Relating to Special Needs Trusts
In January of 2009, the Social Security Administration (SSA) made a number of changes to the POMS relating to both first party and third party special needs trusts. These changes affect the drafting and administration of Special Needs Trusts and drafting Court Orders establishing self-settled special needs trusts. Pooled trusts are also covered in the…
Medicaid Planning After Reform
by Thomas D. Begley, Jr., CELA and Andrew H. Hook, CELA, CFP On February 8, 2006, President Bush signed the Deficit Reduction Act of 2005 (ADRA@). 1 The effect of this legislation has made it more difficult for persons to become eligible for Medicaid. Unfortunately, the federal and state governments save money at the expense…