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First Party Special Needs Trusts
Having a comprehensive estate plan is important for everyone, especially those with children or other family members who are disabled or have special needs. Most people with special needs will depend on public government benefits in their lifetime, including Medicaid or Supplemental Security Income (SSI). These public benefits are determined based on a person’s “means,” meaning there is a strict limit an individual can have in assets and income. When a person is receiving government benefits and has an increase in assets, the government benefits are threatened, and the individual may be disqualified from receiving the benefits. A way to protect these assets is through a Special Needs Trust (SNT).
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There are multiple types of SNTs (also referred to as Supplemental Needs Trusts). Last month’s article explained a Testamentary Special Needs Trust. This article will briefly review a First Party Funded SNT.
A First Party SNT (also known as a self-settled SNT, Medicaid pay back trust or a d4A trust) is typically used when a person with a disability inherits money or property outright or by a personal injury or court settlement. This type of SNT is created under federal law, 42 U.S.C. § 1396p(d)(4)(A). The disabled individual’s assets are placed in this SNT and the disabled individual is the beneficiary of the trust. A separate trustee manages the trust and will use the funds for the beneficiary’s benefit that is not already being provided for by Medicaid or other government agency.
There are specific legal requirements for a First Party Funded SNT that must be met for it to comply with federal law. This includes, but is not limited to, the beneficiary being under the age of 65 when the trust is created, the trust must be irrevocable and it must include a Medicaid payback provision in the Trust, meaning that if the beneficiary dies and there is still money left in the Trust, Medicaid will be reimbursed for any money paid by Medicaid for the beneficiary. It is important to speak to an attorney who is experienced with special needs planning to draft these types of trusts and make sure it complies with federal law.
Danielle Feller is the lead estate planning attorney at Daly Mills Estate Planning. She is a native of Mooresville, an AV Preeminent Rated attorney in Estate Planning, Rising Star Super Lawyer and is published in a chapter with Wealthcounsel’s second edition of “Estate Planning Strategies, Collective Wisdom, Proven Techniques.” Give Feller a call today for a consultation at 704.878.2365 or visit www.DalyMillsEstatePlanning.com.
Danielle Feller Give Danielle a call today for a consultation at 704-878-2365. You can also visit our website at www. DalyMillsEstatePlanning.com.
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