Most special needs trusts (SNTs) are set up to benefit one individual. But it’s possible to contribute to a trust where the funds of many people with special needs are “pooled.” This kind of trust, called a pooled or (d)(4)(C) trust, may be a better option for some people than the conventional SNT, depending on the circumstances. In a pooled trust, individual beneficiaries create accounts within a larger trust, which is managed by a non-profit association. But as with an
Simply defined, a trust is an agreement between two people -- a grantor who donates funds to the trust and a trustee who manages those funds according to the grantor's wishes, which are laid out in a trust document. The funds in the trust are typically used to assist a person or group, called the trust beneficiary. Although it may sound complicated, at heart a special needs trust is merely a trust established for the benefit of someone with special needs. Special needs trusts
At long last the Centers for Medicare & Medicaid Services (CMS) had provided guidance to states on how to treat “ABLE” accounts in Medicaid financial eligibility determinations. The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (the ABLE Act), enacted in 2015, created a program under which people with disabilities can save money for their disability-related expenses in tax-advantaged accounts. Because disability can serve as a basis for Medicaid eligibilit
ABLE accounts are coming soon to Oregon! Oregonians will be able to establish Oregon Able Savings Plan Accounts in early December 2016. Make sure to take a look at the Oregon Able Saving Plan website at http://oregonablesavings.com/ and the Oregon 529 Network Page here. Sign up with them to receive more information as the program is rolled out. More background information about the ABLE act can also be found on the ABLE National Resource Center's website here. ABLE accounts a
If your child receives Supplemental Security Income (SSI) benefits and is going to turn 18, you should talk with your special needs planner about some important changes that could significantly impact your child's SSI benefit.
About one in three children who receive SSI lose their benefit when they turn 18 years old. This often happens because the Social Security Administration (SSA) uses a different test to determine disability once a beneficiary turns 18. Prior to age 1