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…
Special Needs Trusts/Parent as a Caregiver?
Frequently, a parent of a child with disabilities provides significant care to that child. Often, the mother is unable to work outside of the home because of the child’s care requirements. In determining whether and how much a parent can be paid for care of the child, both the Medicaid and SSI programs must be…
Types of Special Needs Trusts
There are essentially two types of special needs trusts: third party trusts and self-settled trusts. This article will discuss the features that are common to both trusts. In addition, there are pooled trusts. Pooled trusts can be either third party or self-settled. The distinction between a third party special needs trust and a self-settled special…
Administration of a Special Needs Trust
1. 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 or may become entitled. These benefits are…
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