By Thomas D. Begley, Jr., CELA A Third Party Special Needs Trust is usually used in a Medicaid context not for the benefit of the grantor of the trust, but for the beneficiary. The grantor of the trust is typically…
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MEDICAID AND MEDICARE 2017 COLA NUMBERS
by Thomas D. Begley, Jr., Esquire, CELA CMS has released the Medicare and Medicaid numbers for 2017. They are as follows: Medicaid Income Cap[1] $2,205 Maximum Community Spouse Resource Allowance (CSRA)[2] $120,900 Minimum CSRA[3] $24,180 Maximum Minimum Monthly Maintenance Needs…
Tagged with: Annual Deductible Maximum, CELA, CFR, Co Insurance, Social Security, Spousal Impoverishment Standards, SSI
Maximizing Your Child’s SSI by Utilizing ABLE Accounts
I see a large number of clients who have a child receiving SSI as a result of a disability. In many cases, the child is not receiving their full SSI check ($735 per month for the year 2017) as a…
ABLE Accounts Open in Virginia
For those of you who have been waiting for Virginia529 to open the enrollment process for ABLE accounts, your wait is over. The Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act was signed into law in December, 2014…
Using Self-Settled Special Needs Trusts in Medicaid Planning
By Thomas D. Begley, Jr., CELA Trusts for disabled individuals who have not reached age 65 and are funded with assets of the disabled person are authorized under OBRA-93.(1) The trust is for the benefit of disabled persons. The person…
Disability Annuity Special Needs Trusts
By Thomas D. Begley, Jr., CELA One of the trusts used in Medicaid Planning is a Disability Annuity Special Needs Trust (“DASNT”). A previous Straight Word article discussed a Disability Annuity Trust (“DAT”). These trusts are designed so that an…
Tagged with: Asset Penalty, DASNT, DAT, Disability Annuity Trust, Estate Recovery, Medicaid Planning, SSI
Decanting an Irrevocable Trust to Protect Public Benefit Eligibility
Unintended consequences can occur when people fail to consider the effect of a plan on persons with special needs. Estate planners who are unfamiliar with public benefits may unintentionally create plans that can wreck a beneficiary’s eligibility for SSI, Medicaid…
Tagged with: Critter Care, Daniel Schreiber, New York, November December, Pet Sitters International, Ruthanne Johnson, SSI
ABLE ACCOUNT, THIRD PARTY SPECIAL NEEDS TRUST AND POOLED TRUST: COMPARE
by Thomas D. Begley, Jr., CELA Below is a chart comparing an ABLE Account with a Third-Party Special Needs Trust. ABLE ACCOUNT THIRD PARTY SPECIAL NEEDS TRUST OR POOLED TRUST Onset of Disability Qualifying disability exists prior to age 26 No requirement Age…
Tagged with: CELA, Contribution Limits, Investment Options, Medicaid Payback Upon Death, SSI, Valid Distributions
ABLE ACCOUNTS ARE COMING TO NEW JERSEY
by Thomas D. Begley, Jr., CELA New Jersey has passed the Achieving a Better Life Experience ACT (“ABLE”). While the Act has passed, it will take some time to implement. Many commentators believe that by the end of the year…
SEVEN PLANNING CONSIDERATIONS IN THE CONTEXT OF SELF-SETTLED SPECIAL NEEDS TRUST
by Thomas D. Begley, Jr., CELA Availability. Assets in a Self-Settled Special Needs Trust (“SSSNT”) are not considered available for Supplemental Security Income (“SSI”) or Medicaid eligibility purposes. The reason is that the trustee is given sole discretion with respect…
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