Siblings Role in Managing a Special Needs Trust
A special needs trust is a way to ensure that an inheritance intended for the benefit of a family member with a disability is left in a manner to supplement government benefits rather than supplant them. When a person is challenged with a disability, s/he may qualify for several needs- based government benefits such as…
Military Child Protection Act Enables Military Members to Name Special Needs Trusts as Beneficiaries of a Survivor Benefit Plan
On December 15, 2014, Congress passed the Disabled Military Child Protection Act which allows military families to protect their Survivor Benefit Plans (SBP) by allowing the benefits to be directed to a qualified special needs trust. If there are any funds left in the trust when the disabled beneficiary dies, the funds are paid back…
Memo to Parents Concerning First Party OBRA ‘93 Special Needs Trusts
This memo is being given to you to help explain the type of trust we have prepared for your child. On occasion, SSI may question the validity of this trust and may question whether future additions of child support to the OBRA ‘93 Trust be treated as income under SSI rules. It is important that…
Lifelong Planning for Families with a Member With Long-Term Disabilities
NAVIGATING THE SCHOOL YEARS THE IMPORTANCE OF EARLY PLANNING It is critical to make sure proper supports are in place for the child who may need lifelong supports and services. When child is young or first diagnosed When child is in middle school and early teen years When child is in the transition years 15-22…
Issues When a Party in a Divorce Has a Disability or Has a Child With a Disability
Persons who are disabled, as well as parents of children with disabilities, have special planning needs which need to be addressed if the parties are in the midst of a divorce. When a party in a divorce action has a disability or has a child with a disability who is receiving Supplemental Security Income (SSI)…
Estate Planning for the Adult Child Who Acts Out, Has Addictions, or Is Otherwise Challenged
Parenting an adult child who has behaviors that include acting out or oppositional behaviors, drug or alcohol addiction, lying, or an infrequent work record, or who exhibits psychological or emotional dysfunction, can be particularly challenging and exhausting. Often these adult children did not manifest these behaviors until their teenage or early adult years. Initially, it…
Higher Estate and Gift Exemption Can Reduce Estate Taxes
This article is the fourth in a five-part series regardingthe Tax Cuts and Jobs Act signed into law December 22, 2017 The new Tax Cuts and Jobs Act (“The Act”) signed into law last December makes significant changes to the federal income tax laws for individuals and corporations. In addition, the changes it makes to the estate and gift…
Trusts & Divorce: The Supreme Judicial Court Provides Clarity
The Massachusetts Supreme Judicial Court recently issued its decision in the highly anticipated case of Pfannenstiehl v. Pfannenstiehl1 providing clarity to the lower courts on whether a spouse’s interest in a discretionary, spendthrift trust is subject to division in a divorce proceeding. The Supreme Judicial Court concluded that the husband’s interest in an irrevocable spendthrift trust,…
Periodic Reviews of Trust Life Insurance: Why They Are Necessary
Regardless of whether you’re a trustee, grantor or beneficiary of a Life Insurance Trust, it is advisable to have the life insurance policies periodically reviewed by an insurance professional. From a trustee’s standpoint, a fiduciary duty is generally owed to the beneficiaries to review and manage trust assets prudently. While the Trust may contain express…
