Pooled Trusts – Statutory Requirements
A self-settled pooled trust is defined as a trust containing the assets of an individual who is disabled that meets the six conditions discussed in the following sections. Disabled The trust must be for the benefit of a person with disabilities. Disability is defined by the Social Security Act § 1382c(a)(3). A person receiving SSI…
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…
Distributions from Special Needs Trusts Relating to Medical Expenses
One of the most pressing needs for disabled beneficiaries is medical care. Medical Insurance It is crucial that the disabled beneficiary obtain some form of medical insurance.[1] Options include the following: Private Medical Insurance. Typically, the only source of private medical insurance at regular rates is through the parent’s coverage with the parent’s employer. Parents…
Early Termination Provisions in Self-Settled Special Needs Trusts and Self-Settled Pooled Trusts
On June 25, 2010, the Social Security Administration (SSA) issued clarification to the POMS relating to Early Termination Provisions and Trusts.[1] It should be noted that these provisions are not effective until October 1, 2010. Until that date, this POMS is to be considered informational only. The new POMS clarifies what is an early termination…