[QUAD-L] Special Needs Trust Fairness Act Becomes Law
Individuals with disabilities can create their own self-settled trusts http://www.wealthmanagement.com/estate-planning/special-needs-trust-fairness-act-becomes-law On Dec. 13, 2016, President Obama signed the 21st Century Cures Act (H.R.34 — 114th Congress (2015-2016)). Section 5007 of the Act, titled “Fairness in Medicaid Supplemental Needs Trusts” incorporates language from the Special Needs Trust Fairness Act of 2015 by adding two words (“the individual”) to an existing statute. With the stroke of a pen, more than two decades of unfair treatment to individuals with disabilities was ended by now allowing those with capacity to create their own self-settled special needs trust (SNT), without having to go to court. Prior to enactment of this new law, individuals with disabilities who didn’t have a living parent or grandparent couldn’t create their own self-settled SNT without going to court. While experienced special needs planning attorneys should still be consulted in drafting an appropriate self-settled SNT, the 21st Century Cures Act empowers capable individuals with disabilities to independently make their own decisions and not be forced to rely on others to advocate for their needs.
Re: [QUAD-L] Special Needs Trust?
The special needs trust is drawn up by an attorney and the money after you die goes to who you want it to go to. The whole purpose of the trust is to be able to get services such as Medicaid with the money hidden. Its not cheap to get one but well worth it if you have anything. Ron On Thursday, September 21, 2017 12:50 PM, greg wrote: Is it the Special Needs Trusts that after you die, all money left goes to the state?Thx, Greg
[QUAD-L] Special Needs Trust?
Is it the Special Needs Trusts that after you die, all money left goes to the state? Thx, Greg
[QUAD-L] Special needs trust
The reason your not having any luck is probally because the price to set one up is around $2000.00. Lawyers are about the money in it for them, if you only have 10,000 they dont see any dollar signs. Its a complex trust with alot of paperwork for them. ropn c7 --- On Wed, 10/28/09, Merrill wrote: From: Merrill Subject: FW: [QUAD-L] Trying to stay in my home To: quad-list@eskimo.com Date: Wednesday, October 28, 2009, 11:20 PM What is the mystery to getting a special needs trust, has someone actually gotten one? I have reads enough to understand the idea but getting one seems to have a glass ceiling. No one will speak with me when they learn I am to poor with under $10,000 to start. I had spoken with bankers and lawyers. Merrill From: Dan [mailto:d...@unh.edu] Sent: Wednesday, October 28, 2009 2:50 PM To: Quad-list@eskimo.com Subject: RE: [QUAD-L] Trying to stay in my home The very first thing you have to do is to see an elder law attorney. They will show you how to set up an irrevocable special needs trust which will protect your assets from the government. Once everything is in this irrevocable trust, which should include cash, investments, house -- anything of worth, it will be protected so that you will then qualify for Medicaid. The rules for these trusts differ state-by-state but most of them require a five-year waiting period. After five years, all of your assets that are in the trust are hidden from the government. And Medicaid well pay for your PCAs, medicine, hospital etc. The assets that are in the trust can be used anyway you want. Which is usually stuff not covered by Medicaid. Such as a vehicle or taking a trip. If your money is not protected in a special needs irrevocable trust you run the very real risk of having the state take it all. Dan At 03:40 PM 10/28/2009, Joan Anglin said something that elicited my response: Hello Debbie I have been where you are, only I did not qualify for Medicare either. I am sure you have contacted the center for independent living in your state, there are two, one for eastern and one for western. They would be your best bet to find a PCA and to give you information about your situation. Nevada has an outstanding program where the clients pay on a sliding scale for a PCA based on income, it is not Medicaid directed, as I do not qualify for Medicaid either, so it would be worthwhile to talk to the center for independent living then applies to your area of the state. The Nevada System allows for up to 5 hours per day. Before you go to talk to them, figure out how many hours a day you would have to have for the bare minimum, and then you would have the starting factor for the time that you really need. I am sure that many others on this list can help you with ideas also. Good luck Joan What you do for yourself dies with you. What you do for others, lives forever. From: Debbie Hamilton [ mailto:debbiewyom...@yahoo.com] Sent: Wednesday, October 28, 2009 10:57 AM To: Quad-list@eskimo.com Subject: [QUAD-L] Trying to stay in my home Have been a quad almost 5 years. I'm 50 years old and living with my husband. I don't qualify for Medicaid, so have had to pay caregivers out of my pocket. We live in Wyoming and have no home health available so I advertise in the newspaper. My husband is burnt. We have a guest house so I'm looking for a nanny that could provide 24-hour care. I haven't had any luck yet. Does anybody out there live alone? And how do you arrange care? I don't want to go in a nursing home! Debbie C4 incomplete/April 2005 No virus found in this incoming message. Checked by AVG - www.avg.com Version: 8.5.423 / Virus Database: 270.14.36/2465 - Release Date: 10/28/09 09:34:00
[QUAD-L] Special Needs Trust
I have some questions for anyone who has dealt with a SNT and Medicaid. Does Medicaid need to be notified before you put money from a Social Security back pay into SNT or vice versa? Is there a minimum amount of money that can be put in a SNT? I tried contacting a Elder lawyer that my family has used, but she won't be returning my call until tomorrow or Monday. Also, does a SNT have to be reported to Section 8? Thanks in advance! Julie Napper age 45 C4/5 29 yrs. post
Re: [QUAD-L] Special Needs Trust
I have the exact same thing. It's called an Irrevocable Special Needs Trust. It's important that you have Co-Trustees. In my case it's my two sisters but it can be any two (or more) people you REALLY trust. With Co-Trustees, they BOTH have to sign off on any sum they take out of the Irrevocable trust. That way there is less of a chance that a trustee might get light fingered with your money. I had mine drawn up by an elder law attorney who was very familiar with my states' Medicaid program. Set it up as soon as you can because what ever you have in the trust isn't protected for at least 5 years from when you set it up. Dan V At 11:18 AM 6/19/06 -0400, Miss Liz said something that elicited my response: They can cost 1000.00 or more depending on your lawyer and if your parent/s are deceased. If so then the court needs to be involved and it cost more $. You need to choose someone to handle your finances. Technically you can't touch the money and someone is designated to pay your expenses. The $ can be used for anything you need including vacations etc. Talk to a lawyer who has experience in elder care law and or disability issues. - Original Message - From: Tim Syfert To: quad-list@eskimo.com Sent: Thursday, June 15, 2006 4:14 PM Subject: [QUAD-L] Special Needs Trust Any one on the list have a Special Needs Trust??? Tim __ Do You Yahoo!? Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com
Re: [QUAD-L] Special Needs Trust
They can cost 1000.00 or more depending on your lawyer and if your parent/s are deceased. If so then the court needs to be involved and it cost more $. You need to choose someone to handle your finances. Technically you can't touch the money and someone is designated to pay your expenses. The $ can be used for anything you need including vacations etc. Talk to a lawyer who has experience in elder care law and or disability issues. - Original Message - From: Tim Syfert To: quad-list@eskimo.com Sent: Thursday, June 15, 2006 4:14 PM Subject: [QUAD-L] Special Needs Trust Any one on the list have a Special Needs Trust??? Tim __Do You Yahoo!?Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com
Re: [QUAD-L] Special Needs Trust
LAWYERS...[EMAIL PROTECTED] wrote: Why is so expensive to set up?Dana
Re: [QUAD-L] Special Needs Trust
Dear Ron's dad, I would be an everso devoted son. i'm a tad old (50)but I'm willing to work hard to get adopted. Lol God bless you and your dad. john n a message dated 6/16/2006 1:00:38 AM Eastern Daylight Time, [EMAIL PROTECTED] writes: I have one of these, cost me 1700 to set up. Allows me to receive benefits and still have a savings noone can tap into. I have a tax man, a financial planner, and a lawyer working together to set me up when my ol man dies. With this trust no bad marriage or lawsuit can touch my money, and I dont have to report it. I would highly suggest getting one of thses, its a godsin for me. ron
Re: [QUAD-L] Special Needs Trust
Why is so expensive to set up?Dana
[QUAD-L] Special Needs Trust
I have one of these, cost me 1700 to set up. Allows me to receive benefits and still have a savings noone can tap into. I have a tax man, a financial planner, and a lawyer working together to set me up when my ol man dies. With this trust no bad marriage or lawsuit can touch my money, and I dont have to report it. I would highly suggest getting one of thses, its a godsin for me. ron
Re: [QUAD-L] Special Needs Trust
In a message dated 6/15/2006 6:40:07 P.M. Eastern Daylight Time, [EMAIL PROTECTED] writes: Yes, my Mom & Dad separately set up a special needs trust fund for me as part of their wills. Bobbie what is a special needs trust? would this effect the medicaid waiver program to own a home? dd
Re: [QUAD-L] Special Needs Trust
No, I do not have one but I have looked extensively into them. About seven or eight months ago there was a great full article [from an attorney] in Paraplegia News. Essentially, there is no easy way to get one. There is no one to easily get money "out of." And the list goes on. I don't know why "the system" has to always be so difficult for a lot of us. Lori ---Original Message--- From: Tim Syfert Date: 6/15/2006 1:14:54 PM To: quad-list@eskimo.com Subject: [QUAD-L] Special Needs Trust Any one on the list have a Special Needs Trust??? Tim
Re: [QUAD-L] Special Needs Trust
Any one on the list have a Special Needs Trust??? Yes, my Mom & Dad separately set up a special needs trust fund for me as part of their wills. Bobbie
[QUAD-L] Special Needs Trust
Any one on the list have a Special Needs Trust??? Tim __Do You Yahoo!?Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com
