News & Analysis as of

Special Needs Trust

ABLE accounts benefit disabled family members

For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income, estate planning can be a challenge. One potential tool is to open a...more

New York Special Needs Act Becomes Law

by Cole Schotz on

Governor Andrew Cuomo recently signed legislation which amends New York law to allow mentally-competent disabled individuals under age 65 to establish a first-party Special Needs Trust without court petition. ...more

Insight on Estate Planning - October/November 2017

In This Issue: - Social Security benefits When is the right time to begin receiving payments? - Planning ahead after a divorce - ABLE accounts benefit disabled family members - Estate planning pitfall: You chose...more

Can the Beneficiary of a Special Needs Trust Change the Trustee?

The beneficiary of a special needs trust can never control or access trust funds – that is the job of the trustee. A common fear among beneficiaries or their families is that the trustee may not do what’s in the beneficiary’s...more

Some Important Factors To Consider Before Creating A Special Needs Trust

by Cole Schotz on

A Third-Party Special Needs Trust (also referred to as a “Supplemental Needs Trust”) allows parents or other relatives of a special needs beneficiary to dedicate assets to the beneficiary by gift or inheritance without...more

ABLE Accounts - Savings Tool for Special Needs Individuals

by Dickinson Wright on

ABLE (Achieving a Better Life Experience Act) accounts have become a popular savings tool for special needs individuals since the ABLE Act became law in December of 2014. Now that such accounts have been in existence for few...more

Should a Parent Serve as Trustee of a Special Needs Trust?

It is common for a parent to want to be named as trustee of a special needs trust benefitting her child, especially when the parent is the one creating or funding the trust. There are many reasons why this makes sense. It...more

Estate Planning for Families with Children Who Have Special Needs

by Farrell Fritz, P.C. on

Estate planning for families who have children with special needs is similar to estate planning for families who do not have special needs children. From an estate tax perspective, the considerations do not differ. The key,...more

Writing a Memorandum of Intent for Your Child With Special Needs

How can you ensure that your child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for...more

How to Make Distributions to an SNT Beneficiary Without Disrupting Their SSI

When serving as the trustee of a special needs trust, 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...more

New Law for Special Needs Trusts Now Benefiting Individuals

The Special Needs Trust Fairness Act - On December 13, 2016, President Barack Obama signed into law the 21st Century Cures Act. Buried in this law is the Special Needs Trust Fairness Act– a sentence long provision to...more

21st Century Cures Act Remedies Longstanding Special Needs Trust Issue

by Genova Burns LLC on

On December 13, 2016, President Obama signed the 21st Century Cures Act. One of the more relevant aspects of the law to estate and special needs planning is found in Section 5007 of the Act, which is called “Fairness in...more

Individuals with Special Needs Can Now Create First Party Trusts

by Cole Schotz on

President Obama just signed a new law that allows First Party Special Needs Trusts to be established by mentally competent individuals for their own benefit. This is a major “fix” to the current law which only allows First...more

Tax-Advantaged Savings Accounts for Individuals with Special Needs Finally Available in Rhode Island

by Partridge Snow & Hahn LLP on

In 2014, new federal legislation was enacted to help relieve the financial strain often faced by so many individuals with disabilities or special needs. The Achieving a Better Life Experience Act (“ABLE Act”) was signed into...more

Special Needs Trusts Through the Lens of a Financial Planner

I met recently with my friend and advisor, Lauren Pearson, CFP®, to learn more about Special Needs Trusts. Lauren is a managing director and partner at HighTower Twickenham, an industry leading wealth management firm. Lauren...more

Special Needs Fairness Act

by Tucker Arensberg, P.C. on

On December 14, 2016, President Obama signed the Special Needs Trust Fairness Act into law amended federal law to enable disabled individuals to establish their own first-party payback Special Needs Trusts under 42 U.S.C. §...more

Make Sure Your Estate Plan Doesn't Put Your Child at Risk

Most parents of children with special needs are well versed when it comes to the government benefits like Medicaid or Supplemental Security Income (SSI) that their child receives. Most know not to give the child any money...more

The Top 7 Reasons to Establish a Special Needs Trust

Special needs trusts (SNTs) can play an important role in helping families plan for children with special needs. Here are some of the most compelling reasons to speak with your attorney about establishing an SNT....more

Special needs trusts: estate planning for individuals with disabilities

by Reminger Co., LPA on

Families with special needs children require an estate plan that takes into consideration benefits and services from public sources. The family’s attorney should have experience drafting trusts for disabled individuals and...more

Choosing an Investment Adviser for a Special Needs Trust

Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the...more

House Overwhelmingly Passes SNT Fairness Act

The Special Needs Trust Fairness Act, a bill that would allow people with disabilities to create their own first-party special needs trusts without having to rely on others, has passed the House of Representatives by a vote...more

SC Court of Appeals Holds that Intervenor Rights Trump Plaintiff's

by Nexsen Pruet, PLLC on

Order which adds a party is really an order granting intervention - Introduction - The South Carolina Court of Appeals recently released the decision of Dorn v. Cohen, Op. No. 5432 (S.C.Ct. App. filed Aug. 3,...more

How to Recognize and Prevent Abuse of People with Special Needs

For a variety of reasons, people with special needs are more likely to suffer physical, mental and financial abuse than are others. Whether a physical disability prevents someone from protecting himself from bullying or a...more

Special Needs Trust Fairness Act Moves Out of House Committee

The Special Needs Trust Fairness Act, a bill that would correct a decades-old error in federal law that prohibits people with special needs from creating their own special needs trusts, has passed out of the House Energy and...more

The Top Five Responsibilities of a Trustee of a Special Needs Trust

If you are considering taking on the responsibility of serving as the trustee of a special needs trust, you will probably have questions about the trustee's role. Trustees of special needs trusts have many important...more

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