THE USE OF TRUST PROTECTORS IN SPECIAL NEEDS TRUSTS FOR PERSONAL INJURY VICTIMS
Family members often want to be the trustee of their children’s special needs trusts established to hold litigation proceeds. This almost inevitably ends in disaster, because the trustee must be familiar with SSI Rules, Medicaid Laws and Regulations, Tax Law, must have investment management expertise, must have only the interest of the disabled beneficiary at…
Limitations on Special Needs Trusts
BACKGROUND Many clients who receive personal injury settlements are receiving important public benefits, such as SSI and Medicaid. SSI is an income stream that pays an individual monies intended to be used for food and shelter. For 2015, the maximum federal benefit rate is $733. In New Jersey, there is a state supplement of $31.25….