ADMINISTRATION OF A SPECIAL NEEDS TRUST
by Thomas D. Begley, Jr., Esquire, CELA PRELIMINARY MATTERS Administration of a Special Needs Trust is complex. It is critical that distributions be made in such a manner that the beneficiary maintains public benefits. The trustee must be aware of the rules pertaining to each public benefit program to which the beneficiary is entitled…
TRUST INCOME TAX CONSIDERATIONS PART 3
Types of Trusts Revocable Living Trust (RLT) – This is the standard trust that is revocable during the lifetime of the grantor and become irrevocable on death. Bloodline Trust (BLT) – This is a trust that usually take effect on the death of the grantor and is designed to protect children from claims of creditors,…
ABLE ACCOUNT, THIRD PARTY SPECIAL NEEDS TRUST AND POOLED TRUST: COMPARE
by Thomas D. Begley, Jr., Esquire, CELA Below is a chart comparing an ABLE Account with a Third-Party Special Needs Trust and Pooled Trust. ABLE ACCOUNT THIRD PARTY SPECIAL NEEDS TRUST OR POOLED TRUST Onset of Disability Qualifying disability exists prior to age 46 No requirement but not usually used unless beneficiary…