SPECIAL NEEDS TRUST FAIRNESS ACT

♠ Posted by Marc J. Soss in first-party funded Special Needs Trust,florida special needs trust,government benefits,Pooled Special Needs Trust,social security eligibility,special needs adult,Special Needs Trust Fairness Act

The Special Needs Trust Fairness Act (the “Act”) was signed into law on December 14, 2016. The Act amends federal law to enable disabled individuals to establish their own first-party payback Special Needs Trusts under 42 U.S.C. § 1396p(d)(4)(A). A first-party funded Special Needs Trust will enable a disabled individual, who receive assets outright, including through a gift, inheritance, personal injury settlement or child support, to protect such assets for their future use while remaining eligible for essential means-tested government benefits (Supplemental Security Income and Medicaid)....

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YEAR END ESTATE PLANNING ITEMS FOR REVIEW

♠ Posted by Marc J. Soss in florida estate plan,florida estate planning,florida probate attorney,florida probate lawyer,Florida Retirement,Sarasota estate planning

As our circumstances change with life events these changes should be reflected in your estate planning documents (your plan should be reviewed periodically anyway). The following list is meant to give you an idea of when changes should be made to your estate planning documents: Your marriage, divorce or remarriage. The birth or adoption of a child, grandchild or great-grandchild. The death of a spouse or another family member. The illness or disability of you, your spouse or another family member. When a child or grandchild reaches the age of majority. When a child or grandchild has education...

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SPECIAL NEEDS TRUST PLANNING

♠ Posted by Marc J. Soss in Estate planning attorney,florida estate plan,florida estate planning,florida probate attorney,florida special needs trust,special needs adult,special needs child,Special Needs Trust

Families with a special needs child/adult need more estate planning than families without. A Special Needs Trust (SNT) can play an important role in helping families plan. Issues to consider: Preserve public benefits while enhancing your child/adult's lifestyle. Many individuals with special needs obtain basic support from Supplemental Security Income (SSI) - a gateway to Medicaid and other critical programs. Since SSI covers only essential expenses, it is important to create a supplement for their lifestyle. But because SSI imposes limits on income and assets, gifts or an inheritance could...

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2016 YEAR END ESTATE PLANNING THOUGHTS

♠ Posted by Marc J. Soss in 2016 estate planning,elder planning,Estate planning attorney,estate taxes,f,Family Trust,federal income tax return

With December 31, 2016, right around the corner, it is important to look at your year end personal tax and estate planning situation. With a Trump administration and a Republican-controlled Congress, much attention has been paid to the tax proposals in the president-elect’s Contract with the American Voter and the House Republicans’ Task Force for A Better Way to see how they match up. The key points that both proposals have in common, as they affect our tax and estate planning clients, include: • Elimination of the estate tax, although the Trump proposal states that “capital gains held until...

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