Reviewing the Three New ABLE Programs Available Nationwide

ABLE ACCOUNTS: A NEW PLANNING TOOL

ABLE accounts are a relatively new planning tool available to individuals with disabilities.  The Achieving a Better Life Experience (ABLE) Act, signed by President Obama in 2014, allows individuals who meet certain criteria to open and hold assets in an account that will not be counted as a resource for the purposes of public benefits.  At the same time, the account beneficiary has more control and access to the funds than with a traditional special needs trust.

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Whether Rich or Poor, There Are Four Reasons Why Medicaid Is Priceless

Say you or a loved one with special needs just won a multi-million-dollar lawsuit award or settlement.  While the case was pending, Medicaid was paying the medical bills.  By setting up a special needs trust, you can preserve the beneficiary’s eligibility for Medicaid and other government benefits.  However, many newly “wealthy” clients ask what the value is of staying on Medicaid.  After all, shouldn’t millions of dollars be sufficient to pay for health care?  Wouldn’t it be nice to forget about income and asset limits?  Why do we need a special needs trust?

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How to Use Money for a SNT Beneficiary Without Disrupting Their SSI

One of the first questions clients ask when discussing a special needs trust is how the money can be used for the beneficiary.  It is crucial to be careful when making distributions for the benefit of the trust beneficiary.  This is particularly true if the beneficiary receives Supplemental Security Income (SSI) because any distribution could potentially violate Social Security’s rules regarding unearned income for SSI recipients. If a distribution runs afoul of these rules, the Social Security Administration will treat the distribution as unearned income on behalf of the beneficiary and reduce the beneficiary’s income dollar-for-dollar after the first $20 of the distribution.

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Crucial Component of Estate Planning: Standalone Retirement Trusts

For many Americans, the majority of our wealth is held in retirement accounts. When it comes to inheritance and estate planning, special considerations are necessary to ensure that these assets are protected and distributed according to your wishes. It is critical to have knowledge of all the options available for retirement asset transfer, in order to best serve your needs.

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Creating a Future Care Plan for Your Loved One With Special Needs

Many clients rightly consider establishing a Supplemental Needs Trust (SNT) to address the legal and financial needs of their loved ones with disabilities.  However, in addition to these immediate concerns, it is important to consider how much care your loved one may need in the future and who will oversee any arrangements relating to that care.  

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What Does “Sole Benefit” Mean?

A primary rule of a first-party supplemental needs trust is that it is used for the sole benefit of the beneficiary.  This is often a trap for trustees who use the trust’s assets for the beneficiary, but ultimately to benefit someone else as well.  A recent case shows how important this rule is and how confusing it can be. 

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Children With Special Needs May Receive Medicaid Coverage for Home Care Despite Parents’ Assets

If you have a child with special needs who requires an institutional level of care that can be provided in your home instead of in a hospital or other institution, the Katie Beckett Medicaid Waiver program may allow you to keep your child at home, even if you think that your assets are too high to qualify for Medicaid.

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Medicaid’s Benefits for Assisted Living Facility Residents

Assisted living facilities are a housing option for people who can still live independently but who need some assistance.  Costs can range from $2,000 to more than $6,000 a month, depending on location. Medicare won’t pay for this type of care, but Medicaid might.  Almost all state Medicaid programs will cover at least some assisted living costs for eligible residents.

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Don’t Risk Having Your Medicaid Application Denied by Do-It-Yourself Medicaid

A Pennsylvania appeals court rules that an appeal filed by a nursing home five years after the state denied Medicaid benefits to a resident is untimely and that there was no breakdown in the administrative process that would justify allowing the appeal to proceed. Congdon v. Department of Human Services (Pa. Commw. Ct., No. 1817 C.D. 2015, May 25, 2016).

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Seven Events That Require an Immediate Call to Your Special Needs Planner

It is a great feeling to have your special needs plan in place for your loved one.  But, like all good plans, it may need to be adjusted as your circumstances change, especially with special needs plans that last a life time.  So, it is important to have your plan reviewed periodically by a competent special needs attorney.  If you haven’t had your plan reviewed recently, here are 7 events that may require changes to your plan.

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