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Protection From Spousal Impoverishment

            In 1988, Congress passed the Medicare Catastrophic Coverage Act (MCCA).  Pub. L. No. 100-360 codified at 42 U.S.C. § 1396p(c) as amended by 42 U.S.C. § 1396r-5.  Provisions of this Act were designed to avoid impoverishing the community spouse.  For example, since October 1, 1989, the income of the…

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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…

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PROTECTING AND PASSING ON MY VACATION HOME

WHY IS A VACATION HOME SO SPECIAL AND WHAT ISSUES NEED TO BE CONSIDERED? A vacation home can serve as a magnet to bring the family together.  Children marry and move away and have their own children.  A vacation home is an excuse for them to come back to visit with their parents and to…

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POMS CLARIFICATIONS

The Social Security Administration has made a number of clarifications to the POMS effective in 2010.  These include the following: 1. COVERDELL EDUCATION SAVINGS ACCOUNT (ESA) 1.1.      Designated Beneficiary The designated beneficiary is the individual who is to receive the benefit of the funds in the account.  The designated beneficiary can be changed to a…

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