DEMYSTIFYING TRUST DISTRIBUTION STANDARDS
|
|
- Samuel Davidson
- 6 years ago
- Views:
Transcription
1 DEMYSTIFYING TRUST DISTRIBUTION STANDARDS Stetson University College of Law Fundamentals of Special Needs Trust Administration ~ 2014 Presented by Craig C. Reaves, CELA Reaves Law Firm, P.C. Copyright Reaves Law Firm 1
2 BEFORE WE GET STARTED.. There are two important concepts to summarize: 1. Importance of What the Settlor Intended, and 2. Whether the Trust is Self-Settled or Third Party-Settled Copyright Reaves Law Firm 2
3 INTENT OF THE SETTLOR Intent of the Settlor is Critical Courts will review the four corners of the trust to determine what the Settlor intended And will go to great lengths to carry out the Settlor s intent So should the trustee Copyright Reaves Law Firm 3
4 INTENT OF THE SETTLOR As stated by one court, It is the cardinal rule of will construction that the intention of the testator, as expressed in the language used in the will, shall be controlling if it is not inconsistent with the rules of law. Such intention is to be gathered from everything contained within the four corners of the instrument, read in the light of surrounding circumstances. McNiff v. Olmsted County Welfare Dept. (Minn., 1970) Copyright Reaves Law Firm 4
5 SELF-SETTLED v. THIRD PARTY-SETTLED TRUSTS Who Established the Trust? Settlor is not just person who signs the trust Settlor is also person who puts assets into the trust Copyright Reaves Law Firm 5
6 SELF-SETTLED TRUSTS Settlor and Beneficiary are the Same Person Settlor s assets are in the trust, or Settlor s spouse s assets are in the trust Unless established by the spouse s Will Includes trusts established by the beneficiary s guardian Copyright Reaves Law Firm 6
7 SELF-SETTLED TRUSTS Effect on Medicaid & SSI Eligibility General Rule Assets in self-settled trust that trustee, if exercising maximum favorable discretion, could use for benefit of settlor or spouse are countable resources and disqualify beneficiary from Medicaid and SSI. Copyright Reaves Law Firm 7
8 SELF-SETTLED TRUSTS Effect on Medicaid & SSI Eligibility Exceptions to General Rule Assets in self-settled trust are NOT Countable Resources IF trust complies with OBRA-93 and FCIA-99: d4a (Medicaid Payback) Trust, d4b (Qualifying Income) Trust, or d4c (Pooled) Trust Copyright Reaves Law Firm 8
9 THIRD PARTY-SETTLED TRUSTS Who Established the Trust? NOT the beneficiary, or spouse Does NOT hold assets belonging the beneficiary or spouse Beneficiary and Settlor are NOT the same person Copyright Reaves Law Firm 9
10 THIRD PARTY-SETTLED TRUSTS When Third Party-Settled Trust Used When Someone Establishes a Trust for the Benefit of Someone Else Parent for Child Grandparent for Grandchild Child for Parent, Grandparent or Sibling Copyright Reaves Law Firm 10
11 THIRD PARTY-SETTLED TRUSTS Effect on Medicaid & SSI Eligibility Does NOT have to comply with OBRA-93 or FCIA-99 NOT a countable resource IF correct distribution standard is used Copyright Reaves Law Firm 11
12 SELF-SETTLED v. THIRD PARTY-SETTLED In Summary, Whose Money is in the Trust? If Beneficiary s assets are in the trust it is a Self-Settled Trust (also known as a First-Party Trust) If Not, it is a Third Party-Settled Trust Copyright Reaves Law Firm 12
13 STANDARDS FOUR TRADITIONAL TRUST DISTRIBUTION STANDARDS 1. Pure Discretionary 2. Mandatory Support 3. Discretionary Support 4. Special Needs Strict, or Discretionary Copyright Reaves Law Firm 13
14 STANDARDS 1 DISCRETIONARY STANDARD Trustee has total discretion to make, or not make, any distribution No power to beneficiary (or creditors) to compel distribution Settlor s intent is very important Copyright Reaves Law Firm 14
15 STANDARDS - Discretionary Example Trustee may, in its sole, absolute and unlimited discretion, at any time and from time to time, distribute some, all or none of the trust estate to or for the benefit of the beneficiary. The Trustee shall be under no duty to distribute any of the trust estate to or for the benefit of the beneficiary no matter what may be the circumstances of the beneficiary. Copyright Reaves Law Firm 15
16 STANDARDS - Discretionary How Courts Describe A discretionary trust gives the trustee complete discretion to distribute all, some, or none of the trust income or principal to the beneficiary, as the trustee sees fit. In the Matter of Leona Carlisle Trust The terms of a discretionary trust grant the trustee complete and unfettered discretion in determining if any of the trust's income or principal should be distributed to the beneficiary. Strojeck ex rel. Mills v. Hardin County Bd. of Supervisors Copyright Reaves Law Firm 16
17 STANDARDS - Discretionary Effect on Creditors Not Available Under a true discretionary trust, the trustee may withhold the trust income and principal altogether from the beneficiary and the beneficiary, as well as the creditors and assignees of the beneficiary, cannot compel the trustee to pay over any part of the trust funds. Lineback by Hutchens v. Stout, Copyright Reaves Law Firm 17
18 STANDARDS - Discretionary Effect on Medicaid Not Available Because the ability to compel distributions from the trust is not available to the beneficiary of a discretionary trust, only those distributions of trust income or corpus actually made by the trustee may be taken into account by the Department." Hecker v. Stark County Social Service Bd. Copyright Reaves Law Firm 18
19 STANDARDS - Discretionary Exception Self-Settled Trust The general rule that creditors cannot compel the trustee of a discretionary trust to make a payment of income or principal applies only in those cases where the settlor of the trust is an individual different than the beneficiary of the trust. In re Johannes Trust Copyright Reaves Law Firm 19
20 STANDARDS - Discretionary Exception Self-Settled Trust - Policy A person ought not to be able to shelter his assets from his creditors in a discretionary trust of which he is the beneficiary and thus be able to enjoy all the benefits of ownership of the property without any of the burdens. In re Johannes Trust Copyright Reaves Law Firm 20
21 STANDARDS - Discretionary Exception Self-Settled Trust - Statute Codified in OBRA USC 1396p(d)(3)(B)(i) if there are any circumstances under which payment from the [self-settled irrevocable] trust could be made to or for the benefit of the individual [who established the trust], the portion of the corpus from which, or the income on the corpus from which, payment to the individual could be made shall be considered resources available to the individual [for Medicaid eligibility purposes] Copyright Reaves Law Firm 21
22 STANDARDS - Discretionary Third Party-Settled Trust If trust is third party-settled Trust assets are Not available resource and do not disqualify beneficiary from Medicaid or SSI EXCEPT in Kansas Copyright Reaves Law Firm 22
23 STANDARDS 2 SUPPORT STANDARD Requires Trustee to support beneficiary Ascertainable Standards: Health, Education, Maintenance and Support Combined with shall Typical minor s trust language Copyright Reaves Law Firm 23
24 STANDARDS Support Example Trustee shall distribute a sufficient amount from the income and principal of the trust estate to provide for the support, maintenance, health care and education of the beneficiary. Copyright Reaves Law Firm 24
25 STANDARDS Support How Courts Describe "The terms of a support trust require the trustee to pay or apply so much of the trust's income or principal as necessary for the beneficiary's care or education." Strojek ex rel. Mills v. Hardin County Bd. of Supervisors Copyright Reaves Law Firm 25
26 STANDARDS Support Effect Beneficiary Can Force Trustee to Distribute The beneficiary of a support trust can compel the trustee to make a distribution of trust income or principal merely by demonstrating that the money is necessary for his or her support, maintenance, education, or welfare." Chenot v. Bordeleau Copyright Reaves Law Firm 26
27 STANDARDS Support Effect on Medicaid Eligibility Available Trust assets are deemed available resources and disqualify beneficiary from Medicaid and SSI Does not matter if trust is self-settled or third party-settled Copyright Reaves Law Firm 27
28 STANDARDS Support Effect on Medicaid Eligibility "Courts usually conclude a support trust is an available asset,*** This is because a beneficiary of a support trust can legally compel the trustee to distribute trust assets to him or her," In Leona Carlisle Trust Copyright Reaves Law Firm 28
29 STANDARDS 3 DISCRETIONARY SUPPORT STANDARD Gives Trustee discretion whether or not to distribute for the support of the beneficiary Courts have difficult time deciding whether trust assets are available resources or not Intent of Settlor is critical Copyright Reaves Law Firm 29
30 STANDARDS Discretionary Support Example Trustee may distribute to or for the benefit of the beneficiary any portion of the trust estate that the Trustee, in its discretion, may deem necessary or appropriate for the beneficiary s support, maintenance, health care, or education. Copyright Reaves Law Firm 30
31 STANDARDS Discretionary Support How Courts View Most Courts do not recognize this concept Instead courts often struggle to classify the trust as either support or discretionary Copyright Reaves Law Firm 31
32 STANDARDS Discretionary Support Effect on Medicaid Unpredictable This results from courts struggling to determine if the trust is support or discretionary Often depends on whether trust is self-settled (available), or third party-settled (exempt) Copyright Reaves Law Firm 32
33 STANDARDS Discretionary Support Restatement (Third) of Trusts and Uniform Trust Code - Reinterpret the Law Abandon distinction between support and discretionary distribution standards Call the traditional distinction arbitrary and deceptive Copyright Reaves Law Firm 33
34 STANDARDS Discretionary Support Restatement (Third) of Trusts and Uniform Trust Code Treat all trusts as continuum of discretionary trusts with distribution standards ranging from objective (pure support ), to open ended (e.g., happiness ), or vague ( benefit ) of standards, or even with no standards manifested at all Copyright Reaves Law Firm 34
35 STANDARDS 4 SPECIAL NEEDS STANDARD Discretion to Trustee to distribute for special needs of the beneficiary Special needs are anything not paid for by public benefits Sometimes called supplemental care trust Copyright Reaves Law Firm 35
36 STANDARDS Special Needs Example Trustee shall pay to or apply for the benefit of the beneficiary such amounts from the principal or income as the Trustee, in it s sole and absolute discretion, may from time to time deem necessary or advisable for the satisfaction of the beneficiary s special needs. Copyright Reaves Law Firm 36
37 STANDARDS Special Needs Two Types Strict Prohibited from distributing for any food, shelter, or anything provided from public benefits The Trustee shall only distribute from the trust in such a manner that there is no reduction or loss of any public assistance the beneficiary may be receiving or entitled to receive. Copyright Reaves Law Firm 37
38 STANDARDS Special Needs Two Types Discretionary Trustee has discretion to distribute for food, shelter, or items provided by Medicaid if the trustee deems it in the beneficiary s best interest, even if causes reduction in public benefits Copyright Reaves Law Firm 38
39 STANDARDS Special Needs Two Types Discretionary Example It is preferred that the Trustee not make distributions from the trust that cause a reduction or loss of any public assistance the beneficiary is receiving or entitled to receive. However, if the Trustee, in its sole discretion, determines that any distribution from this Trust will benefit the beneficiary and is in the beneficiary s best interest, then the Trustee may make such distribution even if doing so will cause a reduction or loss of public assistance benefits the beneficiary would otherwise receive or be entitled to receive. Copyright Reaves Law Firm 39
40 STANDARDS Special Needs Effect on Medicaid and SSI Not Available Trust assets NOT deemed to be Available Resources and do NOT disqualify the beneficiary from public assistance Does not matter whether trust is self-settled or third party-settled Copyright Reaves Law Firm 40
41 STANDARDS Special Needs A Caution for Trustees Be very careful that you Confirm all public assistance programs the beneficiary is participating in, Know the rules regarding eligibility for each public assistance program, and Make distributions only after carefully considering all of the important factors Copyright Reaves Law Firm 41
42 IN SUMMARY A Trustee Should 1. Determine whether trust is self-settled or third party-settled 2. Review the trust to determine settlor s intent Copyright Reaves Law Firm 42
43 IN SUMMARY A Trustee Should 3. Determine what distribution standard is in the trust: A. Pure Discretion B. Mandatory Support C. Discretionary Support D. Special Needs 1) Strict 2) Discretionary Copyright Reaves Law Firm 43
44 DEMYSTIFYING TRUST DISTRIBUTION STANDARDS Stetson University College of Law Fundamentals of Special Needs Trust Administration ~ 2014 Presented by Craig C. Reaves, CELA Reaves Law Firm, P.C. Copyright Reaves Law Firm 44
Craig C. Reaves, CELA, CAP
Stetson University College of Law 2017 National Conference on Special Needs Trusts and Special Needs Planning Presented by Craig C. Reaves, CELA, CAP Copyright 2017 Craig C. Reaves Even for special needs
More informationSPECIAL NEEDS TRUSTS
SPECIAL NEEDS TRUSTS Special Needs Trust (SNT): type of trust designed to protect a beneficiary who is disabled, enabling them to receive governmental benefits: Supplemental Security Income-automatically
More information~~~~~ How to Make a Trust a Special Needs Trust
12 th Annual Changes and Trends Affecting Special Needs Trusts University of Texas School of Law February 4, 2016 Austin, Texas ~~~~~ How to Make a Trust a Special Needs Trust Written and Presented By:,
More informationPlanning for Special Needs and Ohio s STABLE Account. Presented by Logan Philipps, Esq.
Planning for Special Needs and Ohio s STABLE Account Presented by Logan Philipps, Esq. Concerns for Families Everything will be fine as long as my child dies before I do. Will my typical child have to
More informationSpecial Needs Trusts and ABLE Accounts
Special Needs Trusts and ABLE Accounts Travis Finchum Special Needs Lawyers, P.A. Travis@SpecialNeedsLawyers.com SpecialNeedsLawyers.com GuardianTrusts.org Special Needs Trusts To benefit individuals with
More informationthe guide to Special Needs Planning Planner/Attorney Name Name Firm Name Firm Name
the guide to Special Needs Planning Planner/Attorney Name Name Firm Name Firm Name The Guide to Special Needs Planning Planning for Your Child with Special Needs The best interest of all family members
More informationSpecial Needs Planning
LAW OFFICES OF (RTE 28), SUITE 101 CENTERVILLE, MASSACHUSETTS 02632-3021 Visit our website: www.boydandboydpc.com F. KEATS BOYD, JR. Tel. (508) 775-7800 F. KEATS BOYD, III Fax. (508) 775-5666 Special Needs
More informationthe guide to Special Needs Planning Colin Meeks, CFP MarylandFinancialAdvocates.com
the guide to Special Needs Planning Colin Meeks, CFP MarylandFinancialAdvocates.com 410-663-0700 The Guide to Special Needs Planning Planning for Your Child with Special Needs 2014 Academy of Special Needs
More informationEstate and Trust Planning For Relatives of Family Members With a Developmental Disability
Estate and Trust Planning For Relatives of Family Members With a Developmental Disability Stewart Home School May 17, 2013 Presented by: Jefferey M. Yussman and Peter H. Wayne, IV 502.562.7544 502.562.7532
More informationSI Exceptions to Counting Trusts Established on or after 1/1/00
SSA - POMS: SI 01120.203 - Exceptions to Counting Trusts Established on or after 1/1/0... Page 1 of 13 Social Security Administration Policy Site: POMS Section SI 01120.203 Table of Contents Search Previous
More informationESTATE PLANNING FOR PARENTS OF DISABLED CHILDREN
ESTATE PLANNING FOR PARENTS OF DISABLED CHILDREN Fendrick & Morgan, LLC 1307 White Horse Rd., Bldg B, Ste 200 Voorhees, NJ 08043 (856) 489-8388 www.fendrickmorganlaw.com Estate planning and lifetime financial
More informationTitle 18-B: TRUSTS. Chapter 5: CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS. Table of Contents Part 1. MAINE UNIFORM TRUST CODE...
Title 18-B: TRUSTS Chapter 5: CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS Table of Contents Part 1. MAINE UNIFORM TRUST CODE... Section 501. RIGHTS OF BENEFICIARY'S CREDITOR OR ASSIGNEE...
More informationUSING A SPECIAL NEEDS TRUST FOR CHARITABLE GIVING
I. BACKGROUND The Special Needs Trust or Supplemental Needs Trust ( SNT ) is a form of discretionary spendthrift trust designed to protect a disabled beneficiary s government benefits while providing a
More informationPeople With Disabilities, Age 65 and Over, Can Establish a Self-Settled Pooled Special Needs Trust That Protects Their Medicaid Benefits
General Practice People With Disabilities, Age 65 and Over, Can Establish a Self-Settled Pooled Special Needs Trust That Protects Their Medicaid Benefits By Thomas E. Beltran Persons with disabilities,
More informationSpecial Needs Trusts
Oppenheimer & Co. Inc. Executive Director - Investments 500 108th Ave. NE Suite 2100 Bellevue, WA 98004 425-709-0540 800-531-3110 spencer.nurse@opco.com http://fa.opco.com/spencer.nurse/index.htm Special
More informationSPECIAL NEEDS TRUSTS IN OREGON West Coast Trust Meeting June 9, 2006 Penny L. Davis, The Elder Law Firm Portland, Oregon
SPECIAL NEEDS TRUSTS IN OREGON West Coast Trust Meeting June 9, 2006 Penny L. Davis, The Elder Law Firm Portland, Oregon I INTRODUCTION A. Government Benefits. Many people with disabilities rely upon government
More informationThird-Party Trusts And A Client s Disabled Beneficiary
THE LAW FIRM OF BOVE & LANGA A PROFESSIONAL CORPORATION TEN TREMONT STREET, SUITE 600 BOSTON, MASSACHUSETTS 02108 Telephone: 617.720.6040 Facsimile: 617.720.1919 www.bovelanga.com Trusts & Estates Forum
More informationSpecial Needs Planning: What You Need to Know
Special Needs Planning: What You Need to Know Resch, Root & Philipps, LLC has been in business for over 35 years helping individuals and families with: Estate Planning Business Planning Trust and Probate
More information05/07/13 INTRODUCTION TO SUPPLEMENTAL NEEDS TRUSTS
05/07/13 INTRODUCTION TO SUPPLEMENTAL NEEDS TRUSTS What is a Trust? Under a trust, a person (the grantor ) gives title to property to another person (the trustee ), to manage and use the property for the
More informationSPENDTHRIFT TRUST AND CREDITORS CLAIMS:
SPENDTHRIFT TRUST AND CREDITORS CLAIMS: Out of the frying pan and into the fire James R. Robinson Schiff Hardin LLP Atlanta, Georgia 404.437.7038 jrobinson@schiffhardin.com Atlanta Boston Chicago Lake
More informationPLANNING FOR INDIVIDUALS WITH SPECIAL NEEDS by Kelly A. Thompson Member, Special Needs Alliance
PLANNING FOR INDIVIDUALS WITH SPECIAL NEEDS by Kelly A. Thompson kelly@twplc.com Member, Special Needs Alliance www.specialneedsalliance.com DISCLAIMER: This outline is for information purposes only and
More informationWILLS. a. If you die without a will you forfeit your right to determine the distribution of your probate estate.
WILLS 1. Do you need a will? a. If you die without a will you forfeit your right to determine the distribution of your probate estate. b. The State of Arkansas decides by statute how your estate is distributed.
More informationCraig C. Reaves and Mary Alice Jackson
Stetson University College of Law 2017 National Conference on Special Needs Trusts and Special Needs Planning Presented by Craig C. Reaves and Mary Alice Jackson Copyright 2017 Craig C. Reaves and Mary
More informationFUTURE PLANNING, GUARDIANSHIP AND TRUSTS
KEEP IN MIND: AGE 18 FUTURE PLANNING, GUARDIANSHIP AND TRUSTS Darcy J. Chamberlin Chamberlin Law Group 1200 Harger Road, Suite 209 Oak Brook, IL 60523-1816 630-571-0222 www.clgattorney.com Legal Decision-Making
More informationBasics of Special Needs Trusts
Basics of Special Needs Trusts Thursday, October 15, 2015 Breakout Session 2 2:30 P.M. 3:30 P.M. Differences Matter First vs. Third Party SNTs: Structure and Creation Materials PowerPoint Presenter: Jane
More informationGuardianships and Special Needs Planning
Guardianships and Special Needs Planning Prepared & Presented by: Scott C. Suzuki, J.D., M.P.H. April 16, 2016 (808) 983-3850 * 1013 Poha Lane, Honolulu, Hawaii 96826 * info@suzukiaal.com * www.suzukiaal.com
More informationLifetime Giving, Minors and Incapacitated Beneficiaries
Lifetime Giving, Minors and Incapacitated Beneficiaries Amy F. Altman, Esq. Meltzer, Lippe, Goldstein & Breitstone, LLP 190 Willis Avenue Mineola, New York 11501 Outline A. Inter Vivos Gifts B. Trusts
More informationThe Essentials of Special Needs Planning
The Essentials of Special Needs Planning Lesley M. Mehalick, J.D., LL.M. and Alissa B. Gorman, J.D., LL.M. McAndrews Law Office, P.C. Berwyn, PA I. Introduction a. What is Special Needs Planning? i. Estate
More informationSpecial and Supplemental Needs Trusts in 2012
Special and Supplemental Needs Trusts in 2012 Susan E. Johnson-Drenth, CELA* JD Legal Planning PLLC 2525 University Drive South, Suite B Fargo, ND 58103 701-364-9595 855-299-9595 sdrenth@jdlegalplanning.com
More informationSPECIAL NEEDS TRUSTS. Johnson County Bar Association November 1, 2017 Overland Park, Kansas. Presented By: Stacey L. Janssen
POST 18 YEARS: THE CHALLENGES OF GUARDIANSHIP ONCE A CHILD IS NO LONGER A CHILD SPECIAL NEEDS TRUSTS Overland Park, Kansas Presented By: Stacey L. Janssen Dysart Taylor Cotter McMonigle & Montemore, P.C
More informationUsing Supplemental Needs Trusts: SNT s the Basics AGENDA
Using Supplemental Needs Trusts: SNT s the Basics Judith D. Grimaldi, Esq. 1 AGENDA Overview of Special Needs Planning Types of Special Needs Trusts Comparison of First Party and Third Party Trusts Drafting
More informationSpecial Needs Trust Overview
Presented: 2015 Changes and Trends Affecting Special Needs Trusts February 5-6, 2015 Austin, Texas Special Needs Trust Overview Wesley E. Wright Author contact information: Wesley E. Wright Wright Abshire,
More informationMASTER TRUST I THE ARC OF NEW MEXICO Pooled Trust (A Trust for Persons with Disabilities)
MASTER TRUST I THE ARC OF NEW MEXICO Pooled Trust (A Trust for Persons with Disabilities) THIS AGREEMENT OF TRUST is executed this 8th day of April, 1998, by The Arc of New Mexico, a New Mexico not-for-profit
More informationTen Topics to Consider for Your Estate Planning Conference
Ten Topics to Consider for Your Estate Planning Conference Laura Akins Attorney, The Witcher Law Firm www.billwitcher.com 150 E. Ponce de Leon Ave., Ste. 300 Decatur, GA 30030 (404) 371 5080 1. Do you
More informationFact Guide for National Trust Training
Fact Guide for National Trust Training TABLE OF CONTENTS: A. Key Players Involved in a Trust B. Trust Policy C. Basic Trust Identifiers D. Revocable vs. Irrevocable E. Common Types of Trusts F. Exceptions
More informationThe Effect of the UTC on the Asset Protection of Spendthrift Trusts
Three part article August, September, & October 2004 The Effect of the UTC on the Asset Protection of Spendthrift Trusts by: Mark Merric & Steven J. Oshins This article was originally published in Estate
More informationUSING A POOLED INCOME TRUST TO ELIMINATE A MEDICAID SPEND DOWN MARIE T. VAZ, STAFF ATTORNEY
USING A POOLED INCOME TRUST TO ELIMINATE A MEDICAID SPEND DOWN by MARIE T. VAZ, STAFF ATTORNEY Evelyn Frank Legal Resources Program New York Legal Assistance Group New York City 197 198 Using a Pooled
More informationTHE MECHANICS OF FIXING OTHER PROBLEMS: DECANTING AND OTHER ANSWERS. Robert B. Fleming Laurie Hanson H. Amos Goodall
THE MECHANICS OF FIXING OTHER PROBLEMS: DECANTING AND OTHER ANSWERS Moderator : Mary E. O Byrne Panelists: Robert W. Fechtman Robert B. Fleming Laurie Hanson H. Amos Goodall The Mechanics of Fixing Other
More informationALI-ABA Audio Seminar. Planning and Defending Asset-Protection Trusts July 7, 2009 Telephone Seminar/Audio Webcast
49 ALI-ABA Audio Seminar Planning and Defending Asset-Protection Trusts July 7, 2009 Telephone Seminar/Audio Webcast Asset Protection for the Middle Class: Income-Only Trusts & Medicaid Asset Protection
More informationA Primer on Special Needs Trusts, an Effective Tool to Help Your Adult or Minor Handicapped Child
A Primer on Special Needs Trusts, an Effective Tool to Help Your Adult or Minor Handicapped Child Elder Law, Asset and Estate Protection, Planning, 'Medicare, Medicaid and, Veteran's Benefit Assistance
More informationWHY YOU NEED AN ESTATE PLAN TO PROVIDE FOR A LOVED ONE WHO IS DISABLED
WHY YOU NEED AN ESTATE PLAN TO PROVIDE FOR A LOVED ONE WHO IS DISABLED Nancy P. Gibson Attorney at Law 700 SW Higgins Missoula MT 59803 (406) 728-3232 Too many people interpret the phrase estate planning
More informationFunding the Future: The ABLE Act and Special Needs Planning P R E S E N T E D B Y
Funding the Future: The ABLE Act and Special Needs Planning P R E S E N T E D B Y SUPPLEMENTAL SECURITY INCOME SSI Resource Rules Countable resource limit: $2,000 single, $3,000 couple Exempt resources:
More informationWhy Would a Client Want a Trust?
Missouri Bar How to Series TRUSTS Telephone seminar: 3-18-15 M. Daniel Brown, J.D.- Moderator The Law Offices of Dan Brown, P.C. Debra K. Schuster, MHA, J.D. Debra K. Schuster & Associates E. Thad Taylor,
More informationHow to Series TRUSTS Telephone seminar:
Missouri Bar How to Series TRUSTS Telephone seminar: 3-18-15 M. Daniel Brown, J.D.- Moderator The Law Offices of Dan Brown, P.C. Debra K. Schuster, MHA, J.D. Debra K. Schuster & Associates E. Thad Taylor,
More informationThe Arc of Georgia Pooled Trust for Self-Settled Accounts
Amended and Restated Declaration of Trust The Arc of Georgia Pooled Trust for Self-Settled Accounts d/b/a The Arc of Georgia Pooled Trust Established February 18, 2014 As amended July 25, 2016 September
More informationDRAFTING SPECIAL NEEDS TRUSTS First Run Broadcast: January 26, :00 p.m. ET/12:00 p.m. CT/11:00 a.m. MT/10:00 a.m.
DRAFTING SPECIAL NEEDS TRUSTS First Run Broadcast: January 26, 2017 1:00 p.m. ET/12:00 p.m. CT/11:00 a.m. MT/10:00 a.m. PT (60 minutes) Special Needs Trusts are designed to provide for the long-care of
More informationProducer Guide For producer use only. Not for distribution to the public.
The Special Needs Trust Producer Guide For producer use only. Not for distribution to the public. Providing for the Future With proper legal and financial planning, a family can guarantee that loved ones
More informationEstate Planning, Medi-Cal, Advance Directives & Special Needs Trusts
Estate Planning, Medi-Cal, Advance Directives & Special Needs Trusts B R U C E A. F E D E R, E S Q. K A T O, F E D E R & S U Z U K I, L L P 6 8 5 M A R K E T S T R E E T, S U I T E 5 4 0 S A N F R A N
More informationPLANNING WITH SPECIAL NEEDS TRUSTS
PLANNING WITH SPECIAL NEEDS TRUSTS First Run Broadcast: March 11, 2014 Live Replay: August 28, 2014 1:00 p.m. E.T./12:00 p.m. C.T./11:00 a.m. M.T./10:00 a.m. P.T. (60 minutes) Special Needs Trusts are
More informationSpecial Needs Lawyers, PA
Special Needs Lawyers, PA 901 Chestnut Street, Suite C Clearwater, Florida 33756 Phone: (727) 443-7898 Fax: (727) 631-0970 SpecialNeedsLawyers.com Travis D. Finchum, Esq. Board Certified in Elder Law Linda
More informationSUMMARIES OF STATE DECANTING STATUTES
SUMMARIES OF STATE DECANTING STATUTES As of August 22, 2014 compiled by Susan T. Bart Schiff Hardin LLP, Chicago, Illinois If you have an update or revision to a state summary, please contact Susan T.
More informationFamily Checklist for Indiana Miller Trusts
Family Checklist for Indiana Miller Trusts Copyright 2015, Douglas D. Germann, Sr., Professional Corporation Questions? Call Doug at 574/291 0022 or email 76066.515@CompuServe.com or fax 574/291 0024 www.southbendeldercaringlaw.com
More informationA Special Needs Trust Primer Morris Klein, Esq.
A Special Needs Trust Primer Morris Klein, Esq. This article discusses the varieties of special needs trusts, some of their advantages and disadvantages, and whether the ABLE Act, currently under consideration
More information2337 TRUST PROPERTY OBRA 93
2337 TRUST PROPERTY OBRA 93 POLICY STATEMENT Effective with all trusts created on or after 8-11-93 by the A/R or someone acting on behalf of the A/R, the corpus of a trust is either (1) a resource available
More informationSTATE MEDICAID MANUAL "Transmittal 64" GENERAL AND CATEGORICAL ELIGIBILITY REQUIREMENTS TRANSFERS OF ASSETS AND TREATMENT
STATE MEDICAID MANUAL 3257-3259 "Transmittal 64" GENERAL AND CATEGORICAL 11-94 ELIGIBILITY REQUIREMENTS 3257 3257. TRANSFERS OF ASSETS AND TREATMENT OF TRUSTS A. General.--Section 13611 of the Omnibus
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Special Needs Trusts and Guardianships: Protecting Government Benefits for the Disabled Crafting and Administering First- and Third-Party Trusts
More informationEstate planning has always been
Supplemental Needs Trusts Have Special Drafting Needs A supplemental needs trust can provide financial protection for a beneficiary without the repayment requirement of special needs trusts. STEVEN FRIEDMAN
More informationThird-Party Special Needs Trusts: Asset Protection Benefits and Tax Burdens
Third-Party Special Needs Trusts: Asset Protection Benefits and Tax Burdens Presented by I. Richard Gershon University of Mississippi School of Law I. What is a Third-Party Special Needs Trust? A. Difference
More informationSupplemental Needs Trusts & Related Estate Planning
Supplemental Needs Trusts & Related Estate Planning Presentation for Hydrocephalus Association 12 th National Conference 440 Milwaukee Ave., Suite 200, Lincolnshire, Illinois 60069 PHONE (847) 793-2484
More informationMedicaid Planning Techniques: Trusts, Private Annuities, Spousal Transfers, Caregiver Agreements
Presenting a live 90-minute webinar with interactive Q&A Medicaid Planning Techniques: Trusts, Private Annuities, Spousal Transfers, Caregiver Agreements WEDNESDAY, NOVEMBER 8, 2017 1pm Eastern 12pm Central
More information2017 AMENDED AND RESTATED LSS SPECIAL NEEDS POOLED TRUST AGREEMENT
2017 AMENDED AND RESTATED LSS SPECIAL NEEDS POOLED TRUST AGREEMENT THIS 2017 AMENDED AND RESTATED SPECIAL NEEDS POOLED TRUST AGREEMENT is effective this 17th day of March, 2017, amends and restates the
More informationOBRA-93 TRUST OPTIONS FOR PERSONS WITH DISABILITIES. By Patricia E. Kefalas Dudek Attorney and Counselor at Law Last Update 2005
OBRA-93 TRUST OPTIONS FOR PERSONS WITH DISABILITIES By Patricia E. Kefalas Dudek Attorney and Counselor at Law Last Update 2005 Families who have a loved one with a disability have unique financial and
More information6/21/17. Life Advantages, LLC
Life Advantages, LLC Attorneys John F. Kearns III & Rebecca A. Hajosy Kearns & Kearns PC 1121 New Britain Ave West Hartford, CT 06110 (860) 233-1281 www.kearnsandkearns.com Kearns & Kearns PC helps our
More informationSpecial Needs Trust Providing for Lifetime Care and Quality of Life
DATE Special Needs Trust Providing for Lifetime Care and Quality of Life SC1354 CRN202007-215305 Important Disclosures The information provided is not written or intended as tax or legal. MassMutual, its
More informationPLEASE READ BEFORE COMPLETING THE JOINDER AGREEMENT
JOINDER PLEASE READ BEFORE COMPLETING THE JOINDER AGREEMENT The following is information to consider when completing a Trust Joinder Agreement for Trust Sub- Accounts funded with the Beneficiary s own
More informationDECLARATION OF THIRD PARTY SUPPLEMENTAL NEEDS TRUST THIS IS A BINDING LEGAL DOCUMENT. YOU ARE ADVISED TO OBTAIN PROFESSIONAL ADVICE BEFORE SIGNING.
DECLARATION OF THIRD PARTY SUPPLEMENTAL NEEDS TRUST THIS IS A BINDING LEGAL DOCUMENT. YOU ARE ADVISED TO OBTAIN PROFESSIONAL ADVICE BEFORE SIGNING. This Declaration of Third Party Supplemental Needs Trust
More informationJoan Lensky Robert. disabled whose available resources and income do not exceed the guidelines of the
KASSOFF, ROBERT & LERNER, LLP. ATTORNEYS AT LAW 100 Merrick Road West Building Suite 508 Rockville Centre, New York 11570 (516) 766-7700 Fax (516) 766-0738 Joan Lensky Robert SSI AND SPECIAL NEEDS TRUSTS:
More informationImproving the Quality of Life with a Trust / MinnesotABLE Account
Improving the Quality of Life with a Trust / MinnesotABLE Account Lutheran Social Service of Minnesota April 2018 Larry Piumbroeck Outreach Representative Kimberly Watson Director Pooled Trust Services
More informationUniform Trust Code: Looking Back Five Years I. MARK COHEN MORGAN YUAN COHEN & BURNETT, P.C.
Uniform Trust Code: Looking Back Five Years I. MARK COHEN MORGAN YUAN COHEN & BURNETT, P.C. MCLEAN, VA INTRODUCTION Since 2008, many states have revisited their Uniform Trust Code ( UTC ) enactments, making
More informationLUTHERAN SOCIAL SERVICE OF MINNESOTA S NORTH DAKOTA SELF-SETTLED POOLED TRUST AGREEMENT
LUTHERAN SOCIAL SERVICE OF MINNESOTA S NORTH DAKOTA SELF-SETTLED POOLED TRUST AGREEMENT THIS POOLED TRUST AGREEMENT effective this 1st day of June, 2016, and shall be referred to as (the Trust Agreement
More informationSPECIAL NEEDS TRUST AND THE MARYLAND TRUST ACT
SPECIAL NEEDS TRUST AND THE MARYLAND TRUST ACT Frederick R. Franke, Jr. Law Office of Frederick R. Franke, Jr. LLC 151 West Street, Suite 301 Annapolis, Maryland 21401 410-263-4876 www.fredfranke.com 2014
More informationSECTION 1. IRREVOCABLE INCOME-ONLY ASSET PROTECTION TRUSTS General Considerations.
SECTION 1. IRREVOCABLE INCOME-ONLY ASSET PROTECTION TRUSTS. 1.1. General Considerations. 1.1.1. There is little reason for middle class Americans desiring to create an asset protection trust to go outside
More informationSpecial Needs Trusts
www.trustaged.org Special Needs Trusts Nick Barton, Executive Director Sharon Reich, Sr. Trust Advisor 1-888-277-1826 407-682-4111 Types of Special Needs Trusts d(4)(a) under 65 Disability Trusts d(4)(b)
More informationESTATE PLANNING 101. What You Need to Know About Estate Planning in Kansas and Missouri. University of Kansas Human Resources & Equal Opportunity
ESTATE PLANNING 101 What You Need to Know About Estate Planning in Kansas and Missouri University of Kansas Human Resources & Equal Opportunity Financial Planning Awareness & Pre-Retirement Planning Seminar
More informationPlanning for a Special Needs Individual by Ted Kurlowicz, J.D., L.LM, CLU, ChFC,CAP
special needs Planning for a Special Needs Individual by Ted Kurlowicz, J.D., L.LM, CLU, ChFC,CAP > A basic insight of the requirements to plan for a special needs individual Ted Kurlowicz, J.D., L.LM,
More informationSection 643. Definitions Applicable to Subparts A, B, C, and D
Section 643. Definitions Applicable to Subparts A, B, C, and D 26 CFR 1.643(a) 3: Capital gains and losses. T.D. 9102 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1, 20, 25, and 26
More informationSOPHISTICATED SPECIAL NEEDS TRUST DRAFTING AND ADMINISTRATION ISSUES. Bernard A. Krooks Littman Krooks LLP New York, New York
SOPHISTICATED SPECIAL NEEDS TRUST DRAFTING AND ADMINISTRATION ISSUES Bernard A. Krooks Littman Krooks LLP New York, New York www.littmankrooks.com Prof. Lawrence A. Frolik University of Pittsburgh School
More informationSpecial Needs Life Planning
Special Needs Life Planning Making a Good Life Possible Blaine P. Brockman, Esq. The ARC of Ohio Summer Conference June 16, 2017 A Special Needs Life Birth and Early Childhood Due to birth complications,
More informationCRUMMEY v. COMMISSIONER. UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT 397 F.2d 82 June 25, 1968
BYRNE, District Judge: CRUMMEY v. COMMISSIONER UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT 397 F.2d 82 June 25, 1968 This case involves cross petitions for review of decisions of the Tax Court
More informationAugust Dear Interested Party,
August 2017 Dear Interested Party, Long-term financial planning for people with disabilities can be daunting. That s why it s great that you re exploring how the Planned Lifetime Assistance Network of
More informationSpecial Needs Planning/ABLE Act/Special Needs Trusts
Special Needs Planning/ABLE Act/Special Needs Trusts Presented by Elizabeth A. White, CELA* *Certified Elder Law Attorney by the National Elder Law Foundation under authorization of the Pennsylvania Supreme
More informationTrust & Fiduciary Services. Guided by the Strength & Values of America s Credit Unions
Trust & Fiduciary Services Guided by the Strength & Values of America s Credit Unions Growth MEMBERS Trust Company Since 1987 MEMBERS Trust Company has provided trust and investment services to credit
More informationWhite Paper: Irrevocable Life Insurance Trusts
White Paper: www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents... 3 What
More informationMEDICAID ASSET PROTECTION TRUSTS: SELECT DRAFTING AND POST-EXECUTION ISSUES
MEDICAID ASSET PROTECTION TRUSTS: SELECT DRAFTING AND POST-EXECUTION ISSUES Submitted By: ROBERT J. KURRE, ESQ. Kurre Schneps LLP Manhasset, NY 247 248 MEDICAID ASSET PROTECTION TRUSTS: SELECT DRAFTING
More informationMedicaid Planning for Loved Ones with Disabilities and Special Needs
Medicaid Planning for Loved Ones with Disabilities and Special Needs JANKOWER LAW FIRM, L.L.C. Steven M. Jankower Attorney & Counselor at Law 110 Exchange Place, Suite 101 ~ Lafayette, Louisiana 70503
More informationTAX & TRANSACTIONS BULLETIN
Volume 25 U.S. Families have accumulated significant wealth in their IRA accounts Family goals are to preserve this IRA wealth Specific Family goals for IRAs include: keep assets within the Family protect
More informationMEDICAID SPEND DOWN AND MEDICAID ELIGIBLE TRUSTS
MEDICAID SPEND DOWN AND MEDICAID ELIGIBLE TRUSTS Medicare v. Medicaid Medicare is a single payer (government) medical system for those over 65, those who have been on Social Security Disability Insurance
More informationSUMMARIES OF STATE DECANTING STATUTES
SUMMARIES OF STATE DECANTING STATUTES As of August 22, 2014 compiled by Susan T. Bart Sidley Austin LLP, Chicago, Illinois If you have an update or revision to a state summary, please contact Susan T.
More informationA. Settlor shall mean The National Foundation for Special Needs Integrity, Inc.
A 501(c)(3) Not-for-Profit Corporation 301 E. Carmel Drive, Suite C-100 Carmel, IN 46032 (317) 841-8795 TOLL-FREE 1-866-979-8770 FACSIMILE 1-866-979-8530 www.specialneedsintegrity.org JOINDER AGREEMENT
More informationThe. Estate Planner. Gifting offers certainty in uncertain times. Ascertainable standards: What you need to know. Is your spouse a U.S. citizen?
The Estate Planner July/August 2010 Gifting offers certainty in uncertain times Ascertainable standards: What you need to know Is your spouse a U.S. citizen? If not, consider using a QDOT Estate Planning
More informationWhite Paper: Qualified Terminable Interest Property Trusts
White Paper: Qualified Terminable Interest Property Trusts www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA,
More informationABLE Accounts: What Trusts and Estates Lawyers Need to Know
Magazine May/June 2017 Volume 31, No. 3 ABLE Accounts: What Trusts and Estates Lawyers Need to Know Bernard A. Krooks Bernard A. Krooks is a founding partner of Littman Krooks in New York, New York, and
More informationSpecial Needs Planning Information Guide
Special Needs Planning Information Guide We are a full service special needs planning firm focusing on families who have a loved one with special needs prepare for their care, supervision, and quality
More informationFamily Checklist for Indiana Miller Trusts
Family Checklist for Indiana Miller Trusts Copyright 2014, Douglas D. Germann, Sr., Professional Corporation Questions? Call Doug at 574/291 0022 or email 76066.515@CompuServe.com or fax 574/291 0024 www.southbendeldercaringlaw.com
More informationGeneral Information and Instructions For Completing This Pooled Income Trust Joinder Agreement
General Information and Instructions For Completing This Pooled Income Trust Joinder Agreement An Important Note to Grantors: Please read the entire Joinder Agreement carefully, including all of the exhibits.
More informationTHE USE OF SPECIAL NEEDS TRUSTS
PLANNING FOR THE FUTURE: THE USE OF SPECIAL NEEDS TRUSTS Brain Injury Association of Massachusetts 34th Annual Brain Injury Conference March 26, 2015 Richard S. Blank, Esq. Rubin & Rudman, LLP Boston,
More informationIt s Not Your Mother s PSNT What PSNTs Offer to Special Needs Planners. October 18, 2018
2018 National Conference on Special Needs Planning and Special Needs Trusts It s Not Your Mother s PSNT What PSNTs Offer to Special Needs Planners October 18, 2018 Megan Brand, Executive Director, CFPD
More informationNEW YORK State Decanting Summary 1
NEW YORK State Decanting Summary 1 STATUTORY HISTORY Statutory citation N.Y. EST. POWERS & TRUSTS 10-6.6 Effective Date 7/24/92 Amendment Date(s) 8/17/11; 11/13/13 ABILITY TO DECANT 1. Discretionary distribution
More informationSpousal Rollover (con t)
Spousal Rollover (con t) If the beneficiary of the retirement asset was a trust whose sole beneficiary was the spouse and where spouse is the trustee or has withdrawal power over the trust assets, then
More informationConsiderations in the Termination of Special Needs Trusts. Allison Bren Ferris
Considerations in the Termination of Special Needs Trusts Allison Bren Ferris Considerations in the Termination of Special Needs Trusts A. Introduction In the world of special needs trusts ( SNT ), termination
More information