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ALWAYS USE A PROFESSIONAL TRUSTEE FOR A SPECIAL NEEDS TRUST

[Updated January 22, 2016] Choosing a Trustee Choosing a trustee of a special needs trust is a crucial decision to be made by the grantor of the trust. The range of options includes: Parent, sibling (or other individual) Financial institution Nonprofit organization Each of these possibilities has potential advantages and disadvantages. The appointment of a…

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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….

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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…

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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…

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