Elder Docx Update April 2023

We released an update to Elder Docx. Here are additions and updates we wanted to highlight:

- Due to Secure 2.0, a new option was added to the EC Secure Supplemental Needs Trust™ to allow charities to be named as remainder beneficiaries. However, there will be limiting language included in the document that will disallow charities from benefiting from trust property should the trust not qualify as a Type II applicable multi-beneficiary trust (AMBT) at the time of the plan participant’s death, in order to preserve the 10-year stretch. Therefore, any charity named might not benefit from trust funds if the trust fails to qualify as a Type II AMBT, as would be the case if the primary beneficiary was not disabled or chronically ill at that time.
- An option was added to the EC Medicaid Asset Protection Trust® and EC Medicaid Family Protection Trust™ to give the Trust Protector the power to add or remove Lifetime Beneficiaries. Note that such option was not added to the EC Veterans Asset Protection Trust®, as such Trust Protector power would jeopardize the nongrantor trust status of that trust.
- An option was added to the Pour-Over Will and Pour-Over Will for Spouse for the Medicaid Asset Protection Trust, Medicaid Family Protection Trust, and the Veterans Asset Protection Trust to be able to include a reference to a personal property memo therein.
- A new global preferences option was added to include the verbiage “and any amendments thereto” in the trust name for a revocable trust, an irrevocable trust, both, or neither.

State Specific Document Updates

California:
- Updated language in the statutory Advance Health Care Directive

Georgia:
- Updated wording of the statutory Advance Directive for Health Care
- Added statutory Psychiatric Advance Directive

Kentucky:
- Removed witness requirement from the nonstatutory Financial Power of Attorney

Texas:
- Updated language in the statutory Medical Power of Attorney Designation of Health Care Agent