Planning for the Seriously Ill
The American Bar Association has just published a booklet entitled “Legal Guide for the Seriously Ill: Seven Key Steps to Get Your Affairs in Order.” This article summarizes the ABA Report. Step 1 – Plan How to Pay for the Health Care You Need 1.1 Worker’s Compensation 1.2 Social Security Disability Benefits 1.3 Veteran’s Benefits…
The Beneficiary Designation Trap And Disabled Children
Many children with disabilities are receiving means-tested public benefits, such as SSI and Medicaid, or may receive such benefits in the future. By leaving monies outright to those children, they will become ineligible for those public benefits, which generally have an asset limit of $2,000. Only about 25% of clients prepare Special Needs Trusts for…
Four Alternatives to Self-Settled Special Needs Trusts
A self-settled special needs trust is not appropriate in every instance where a person with a disability receives a tort recovery, an inheritance, or equitable distribution. At the initial contact, the special needs trust attorney should make a determination as to whether or not the trust is appropriate and explain to the person with a…
Selecting the Trustee of a Special Needs Trust
The appointment of a proper trustee and the drafting of appropriate removal powers are of critical importance in this type of trust. Very often, the family considers the money to belong to the family rather than to the beneficiary of the trust. This is particularly true if there is a self-settled special needs trust for…