Families with a loved one who is disabled face many difficult decisions. The family often wants to take care of the disabled person financially but is faced with the possibility that the disabled family member may lose his or her public benefits. In some cases, a disabled or elderly person may receive assets through a personal injury lawsuit or inheritance which threaten his or her eligibility for public benefits. This seminar will discuss how special needs trusts can be used to solve these dilemmas. This seminar will present an in-depth discussion of the major issues surrounding the creation, administration and monitoring of special needs trusts.
- When are special needs trusts appropriate?
- The types of special needs trusts
- Drafting strategies
- Appointment of fiduciaries
- Distributions from special needs trusts
8:30 a.m. - 9:50 a.m.
I. Overview Of Special Needs Trusts
A. Traditional Estate Planning Options For The Disabled
B. What Is A Special Needs Trust?
C. Circumstances Where A Special Needs Trust May Be Used
D. Advantages And Disadvantages Of Special Needs Trusts
9:50 a.m. - 10:00 a.m.
10:00 a.m. - 11:15 a.m.
II. Maintaining Eligibility For Public Benefits
A. Requirements For Medicaid Eligibility
B. Requirements For Supplemental Security Income ('SSI') Eligibility
11:15 a.m. - 12:15 p.m.
Lunch (On Your Own)
12:15 p.m. - 1:35 p.m.
III. Types Of Special Needs Trusts
A. Third Party Trusts
B. Self-Settled Trusts
C. 'Pooled Trusts'
1:35 p.m. - 2:50 p.m.
IV. Drafting Special Needs Trusts
A. Distribution Standards: Pure Discretion vs. Luxuries
B. Quality Of Life Considerations
C. Tax Savings Strategies
D. Building Flexibility Into The Trust
2:50 p.m. - 3:00 p.m.
3:00 p.m. - 4:20 p.m.
V. Administering Special Needs Trusts
A. Choosing A Fiduciary
B. Funding Special Needs Trusts
C. Investment Strategies
D. Distributions From Special Needs Trusts
E. Monitoring Special Needs Trusts
4:20 p.m. - 4:30 p.m.
VI. Unauthorized Entities
A. Who Can/Can't Be Trustees