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…
The Intersection of Trust, Tax and Public Benefits Law
1. INTRODUCTION Elder law attorneys acquire an expertise in trust, tax, and public benefits laws. This expertise is at the heart of our profession. In order to determine whether or not a client requires a trust and, if so, what type of trust, the attorney must have a basic understanding of trust law, tax law,…
Distributions from Self-Settled Special Needs Trusts
Distributions from self-settled special needs trusts are usually subject to more severe restrictions than distributions from third party special needs trusts. Many State Medicaid Agencies have regulations or internal policies governing how these distributions can be made. Under federal law,[1] distributions from a self-settled special needs trust must be for the benefit of such individual. …
Taxation of Confidentiality Agreements
The taxation of Confidentiality Agreements in personal injury settlements is becoming and increasing concern to plaintiffs and to personal injury lawyers. The issue arises out of a United States tax court case.[1] This case involved an incident in which Dennis Rodman, a basketball player for the Chicago Bulls, during the course of a game against…