Special Needs Trusts Drafting Camp (download)
$495.00
By Bradley J. Frigon, CELA, CAP, JD, LLM, Law Offices of Bradley J. Frigon and Stephen Dale, Esq., LLM, The Dale Law Firm
Recorded: December 16, 2014
Duration: 270 minutes
Description
ElderCounsel Members – This video is available FREE in the Learning Center > Video Library
Drafting self-settled and third party special needs trusts can often be challenging as there are numerous issues to consider: tax treatment of assets, whether a third party trust should be revocable or irrevocable, how to deal with retirement assets, what constitutes “seed money” for a self-settled special needs trust, and when are Medicare Set-Aside provisions necessary, to name a few. ElderCounsel is proud to offer a 3-part webinar series featuring national special needs planning experts, Brad Frigon and Steve Dale.
Topics Covered:
Part 1: Self Settled Special Needs Trust (90 minutes)
- Self settled vs third party SNTs
- Differences between SSI and SSDI
- Options to maintain eligibility
- Special Needs Trust requirements
- First party SNT – (d)(4)(a)
- Distribution standard – sole benefit
- Statement of Grantor’s Intent – Section 1.04
- Distribution of income and principal – Section 2.01
- Duty to supplement and not supplement government benefits – Section 2.03
- Discretionary distributions – Section 2.05
- Prohibited expenses and payment
- Maintenance of contact with family members – Section 2.06
- (d)(4)(a) Disability trust lien payment
- (d)(4)(a) Disability payback provision
- Administration of SNT upon death
- 1st party SNT tax treatment
- Medicare secondary payor statute history
- MSA funds and Medicaid eligibility
- Statement of trustmaker’s intent – Section 1.04
- First party SNT case studies
Part 2: Third Party Supplemental Needs Trusts (90 minutes)
- Taxation of a special needs trust
- Third party and self settled special needs trusts – Review
- Compliance issues of 3rd party SNTs
- Why would you make a trust irrevocable?
- Reformation and amendment – Section 1.08
- Compliance issues of 3rd party SNTs
- Simple vs. complex trusts
- IRA accounts and trust rules
- Multiple beneficiaries and separate account rule
- Required distributions after death terminology
- Calculating RMDs for a beneficiary
- No designated beneficiary
- DB and RMD rules for trusts
- Qualified designated beneficiary trust
- Conduit trust
- Accumulation trust
- Case study example
- Deductible expenses
- 3rd party qualified disability trust deduction
Part 3: Third Party Supplemental Needs Trusts (90 minutes)
- Elements of a Special Needs trust
- Third party trust
- Supplemental vs. discretionary distribution standards
- ElderCounsel language for a discretionary trust
- Can my special needs trust pay my rent?
- Trustee options
- Model 1 – Trust directed by an advisory committee
- Model 2 – Trust directed by a care manager
- Model 3 – Limited purpose trust
- Model 4 – Pooled trust directed by a trust advisory committee
- Advisory committees
- The power to hire and fire the trustee
- Distribution plans
- Pooled trust option
- Integrating a pooled trust into your practice