Learn about the importance of setting expectations, budgeting, and early termination of Special Needs Trusts. This webinar is designed for individuals who are in the process of setting up a Special Needs Trust or already have a Trust set up.
Presenters:
Martha Brown, Certified Elder Law Attorney, Martha C. Brown & Associates, LLC
Nikki Mitchell, Elder Law Attorney, Martha C. Brown & Associates, LLC
0:00:00 Introduction
0:01:25 What is a Special Needs Trust?
0:03:14 Terms to know
0:05:36 Types of Special Needs Trusts
0:10:20 Administration of the Special Needs Trust
0:11:47 The trustee must know which benefits the beneficiary is currently using and is eligible for
0:12:10 Supplemental Security Income (SSI) vs. Social Security Disability Insurance (SSDI) benefits
0:15:05 Medicare vs. Medicaid (MO HealthNet)
0:16:25 Other benefit programs
0:18:24 Trustee's Duties
0:20:30 Handling government benefits - 10 days to notify rule
0:22:03 Trustee invests the trust assets and avoids risky investments
0:23:52 Trustee must get competent financial advice
0:25:20 Trustee must keep detailed financial records
0:28:10 Using a professional trustee
0:29:24 Distributions from a Special Needs Trust
0:33:27 Housing Expense Distributions and how they can affect public benefits
0:37:47 How paying for food or lodging from the trust can affect public benefits
0:40:04 If there are expenses left after the SSI benefit is exhausted, can the Special Needs Trust cover those?
0:40:33 Allowable Special Needs Trust purchases that will improve the beneficiary's quality of life
0:41:04 Can the Special Needs Trust purchase a vehicle for the beneficiary?
0:43:40 Taxes incurred by the trust beneficiary or the trust
0:44:26 Use of credit cards to make purchases for the trust beneficiary
0:45:00 How parental duty of support can affect trust distributions
0:46:48 Early termination of Special Needs Trust
0:48:36 How does the trustee determine what the Special Needs Trust can be used for?
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0:49:50 What happens to the Special Needs Trust if the beneficiary is employed with decent income and benefits?
0:52:20 Is the Medicaid Waiver included in the Medicaid payback clause?
0:54:58 Recommended resources for more information
0:56:00 Should inheritances from other family members be directed to the Special Needs Trust?
0:58:51 The importance of knowing what benefits the Special Needs Trust beneficiary is receiving
1:03:32 Can the parent setup a Special Needs Trust prior to the beneficiary qualifying for SSI?
Please email HandoutRequest@slarc.org if you would like to receive a copy of the handouts from this event.
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