Guest guest Posted September 24, 2003 Report Share Posted September 24, 2003 I am very interested in this answer too. > Sorry for the off-topic post. But I value your opinions and advice. My husband and I are interested in starting a special needs trust for our son . We have an investment counselor who we trust, but do you need an attorney to write the trust? Are their special guidelines in PA? Do any of you know of resources we could access for information? > > Thanks, > Marge Foti > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted September 26, 2003 Report Share Posted September 26, 2003 I'm going to agree with Carol on this issue: You ABSOLUTELY need a lawyer when setting up a Special Needs Trust. A couple of years ago (according to my lawyer, father to a special needs child himself) congress decided that they didn't feel like paying money to kids who had some money themselves. So they passed legislation that allowed them to use up ALL the money before getting state and federal funds. So the kids were left with nothing for extras. So lawyers came up with the special needs trusts to try to protect that money for the child. It's not like our kids are buying rolls royces with it. And a lawyer will help to set it up so that a guardian can't take it out and use it for stuff not related to the child. Now our situation is even more interesting: we have 2 kids with autism spectrum, one more severely affected. We decided to set up 2 separate trusts, so that if the politicians get even cuter with our money, they won't be able to fully deplete both the boys' monies if one of the boys requires state assistance. Naomi, mom to Sam (5, autism) and (2.5, PDD) check out our website http://sam26847.tripod.com They always say time changes things, but you actually have to change them yourself. Andy Warhol _________________________________________________________________ Instant message during games with MSN Messenger 6.0. Download it now FREE! http://msnmessenger-download.com Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 21, 2006 Report Share Posted December 21, 2006 Is it possibel to get this for Canadians. I having a skeaking suspistion that our laws are way different and don't apply to us. BUT I sure would love this info pertaining to Canadians! Thanks for such a great post! Pamela > > Benefits issued by the government cannot always provide for the basic > necessities of life, and parents won't always be present to care for their > kids. This was the scenario for the Cotiauxes, who have an 18-year old son > with mental retardation. They knew that later in life the benefits their son > received from the government would not be enough to provide for their son's > food and clothing. > > However, a valuable solution is a Supplemental Needs or Special Needs Trust > (SNT), which can be established with the help of an attorney. A SNT allows a > person with disabilities the extra money he or she needs for haircuts, DVDs, > or hobby supplies. The SNT allows families safely to put away money for > their children without affecting the money the child receives from the > government because the trust is set up in another person's name with the > individual with the disability named as the beneficiary. > > For more detailed information on a Special Needs Trust, see the following > website: > http://www.altonweb.com/cs/downsyndrome/index.htm?page=feetrust.html > > Full Story: > Hillary Chura, Meeting Special Needs and the Need for Peace of Mind, New > York Times, November 25, 2005, > http://www.nytimes.com/2006/11/25/business/25special.html?_r=1 > <http://www.nytimes.com/2006/11/25/business/25special.html? _r=1 & oref=slogin> > & oref=slogin > (free subscription required) > > For More Information: > Association of University Centers on Disabilities, Legislative News in > Brief: Medicaid Commission, AUCD, November 20, 2006, > http://www.aucd.org/in_brief/Nov2006.htm > > *Note: The Association of University Centers on Disabilities, or AUCD, is a > non-profit organization that promotes and supports the network of university > centers on disabilities across the country funded by the Administration on > Developmental Disabilities. AUCD seeks to advance " policy and practice for > and with individuals with developmental and other disabilities, their > families, and communities. " To visit AUCD's website, go to: > http://www.aucd.org/ <http://www.aucd.org/> > > Note to readers: News article links may require free registration for > access, or may be active for a limited time before the respective news > services archive them. Archived items may also be available for a fee. > Products mentioned in this newsletter are for information only and do not > constitute an endorsement. > > The Disability Law & Policy e-Newsletter is the collaborative product of > Editor-in-Chief W. Klein, Ph.D., Executive Editor N. Myhill, > M.Ed., J.D., Senior Articles Editor A. , M.S., J.D., Managing > Editor Deepti Samant, M.S.; Articles Editors Mintz, J.D. (Technology) > and is R. Long, B.A. (Education); Associate Editors Dalinda Khuon, B.A. > (Workforce), L. Bubb, B.A. (International), and Ekin Senlet, B.S. > (Civil Rights); and Staff Writers Meghan Lisson and tte Lynch > (Healthcare/Benefits), and Joie L. Hill (Independence). > > http://disability.law.uiowa.edu/ > > To subscribe to this free e-newsletter, go to > http://disability.law.uiowa.edu/lhpdc/publications/news.html and subscribe > to the " Disability Law & Policy e-Newsletter. " > The e-Newsletter is archived at http://disability2.law.uiowa.edu/ > Re-distribution / forwarding of this e-Newsletter to your networks is > encouraged. > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 22, 2006 Report Share Posted December 22, 2006 Might want to check with the Canadian Down Syndrome Society…they would probably have information on this.. kathyR From: Down Syndrome Treatment [mailto:Down Syndrome Treatment ] On Behalf Of Pamela Sent: Thursday, December 21, 2006 8:42 PM To: Down Syndrome Treatment Subject: Re: Special Needs Trust Is it possibel to get this for Canadians. I having a skeaking suspistion that our laws are way different and don't apply to us. BUT I sure would love this info pertaining to Canadians! Thanks for such a great post! Pamela > > Benefits issued by the government cannot always provide for the basic > necessities of life, and parents won't always be present to care for their > kids. This was the scenario for the Cotiauxes, who have an 18-year old son > with mental retardation. They knew that later in life the benefits their son > received from the government would not be enough to provide for their son's > food and clothing. > > However, a valuable solution is a Supplemental Needs or Special Needs Trust > (SNT), which can be established with the help of an attorney. A SNT allows a > person with disabilities the extra money he or she needs for haircuts, DVDs, > or hobby supplies. The SNT allows families safely to put away money for > their children without affecting the money the child receives from the > government because the trust is set up in another person's name with the > individual with the disability named as the beneficiary. > > For more detailed information on a Special Needs Trust, see the following > website: > http://www.altonweb.com/cs/downsyndrome/index.htm?page=feetrust.html > > Full Story: > Hillary Chura, Meeting Special Needs and the Need for Peace of Mind, New > York Times, November 25, 2005, > http://www.nytimes.com/2006/11/25/business/25special.html?_r=1 > <http://www.nytimes.com/2006/11/25/business/25special.html? _r=1 & oref=slogin> > & oref=slogin > (free subscription required) > > For More Information: > Association of University Centers on Disabilities, Legislative News in > Brief: Medicaid Commission, AUCD, November 20, 2006, > http://www.aucd.org/in_brief/Nov2006.htm > > *Note: The Association of University Centers on Disabilities, or AUCD, is a > non-profit organization that promotes and supports the network of university > centers on disabilities across the country funded by the Administration on > Developmental Disabilities. AUCD seeks to advance " policy and practice for > and with individuals with developmental and other disabilities, their > families, and communities. " To visit AUCD's website, go to: > http://www.aucd.org/ <http://www.aucd.org/> > > Note to readers: News article links may require free registration for > access, or may be active for a limited time before the respective news > services archive them. Archived items may also be available for a fee. > Products mentioned in this newsletter are for information only and do not > constitute an endorsement. > > The Disability Law & Policy e-Newsletter is the collaborative product of > Editor-in-Chief W. Klein, Ph.D., Executive Editor N. Myhill, > M.Ed., J.D., Senior Articles Editor A. , M.S., J.D., Managing > Editor Deepti Samant, M.S.; Articles Editors Mintz, J.D. (Technology) > and is R. Long, B.A. (Education); Associate Editors Dalinda Khuon, B.A. > (Workforce), L. Bubb, B.A. (International), and Ekin Senlet, B.S. > (Civil Rights); and Staff Writers Meghan Lisson and tte Lynch > (Healthcare/Benefits), and Joie L. Hill (Independence). > > http://disability.law.uiowa.edu/ > > To subscribe to this free e-newsletter, go to > http://disability.law.uiowa.edu/lhpdc/publications/news.html and subscribe > to the " Disability Law & Policy e-Newsletter. " > The e-Newsletter is archived at http://disability2.law.uiowa.edu/ > Re-distribution / forwarding of this e-Newsletter to your networks is > encouraged. > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 20, 2008 Report Share Posted March 20, 2008 regarding the trust, our attorney, Terry Varnett says it gets funded at our death. That is apparently how it is written. My concern has always been what happens in the mean time. What happens if everything we have worked for gets used by our elder care. There seems to be no " the way it is " everything we do appears to be a new draft. I would rec. going to a benefits counselor regarding the trust and SSI, as well as check with the attorney on the trust. Cindi Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 20, 2008 Report Share Posted March 20, 2008 Cindi, what about your life insurances? We haven't set a trust up yet, but when we were looking into it, we considered funding it with a life insurance policy that only paid out when the both of us passed away (it's difficult from my husband to get life insurance due to preexisting conditions, so that plan fell apart). Cindi Swanson <cbswanson@...> wrote: regarding the trust, our attorney, Terry Varnett says it gets funded at our death. That is apparently how it is written. My concern has always been what happens in the mean time. What happens if everything we have worked for gets used by our elder care. There seems to be no " the way it is " everything we do appears to be a new draft. I would rec. going to a benefits counselor regarding the trust and SSI, as well as check with the attorney on the trust. Cindi Finato www.AngelSpeaks.com www.wegrowdreams.org Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 20, 2008 Report Share Posted March 20, 2008 We had met with Met Life people to talk about " second to die " life insurance. A good safety net but again that money may not be available for 35 plus years. The good news is Art and I have longevity on our side, however for second to die, that money may not be available to Adam until he is 50 years old. My money concerns are what do we do when our earning power decreases, at retirement, between that time, and the time we die. And at 50, late 40s Adam will be aging ...the in between years are a big stumper. If there were money during those years, post retirement and death that could supplement quality of life that would be what we are looking for. Cindi Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 20, 2008 Report Share Posted March 20, 2008 In our case it has been funded upon the death of his grandmother who also wanted to help him. This is why it is currently funded. Re: Special needs trust Cindi, what about your life insurances? We haven't set a trust up yet, but when we were looking into it, we considered funding it with a life insurance policy that only paid out when the both of us passed away (it's difficult from my husband to get life insurance due to preexisting conditions, so that plan fell apart). Cindi Swanson <cbswanson@...> wrote: regarding the trust, our attorney, Terry Varnett says it gets funded at our death. That is apparently how it is written. My concern has always been what happens in the mean time. What happens if everything we have worked for gets used by our elder care. There seems to be no " the way it is " everything we do appears to be a new draft. I would rec. going to a benefits counselor regarding the trust and SSI, as well as check with the attorney on the trust. Cindi Finato www.AngelSpeaks.com www.wegrowdreams.org Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 20, 2008 Report Share Posted March 20, 2008 I understand when money is left it is in an Obra trust. That always seemed to be written differently than typical trusts. Again, theredoes not seem to be an easy way to have quality of life for our people.cindi Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 20, 2008 Report Share Posted March 20, 2008 ...I will ask Rubin to respond to your email. My husband, though not an attorney would also be happy to talk to you, as he has a pretty good understanding. If you would like, email me offline, egskb@... Ellen Ellen Garber Bronfeld egskb@... Re: Special needs trust Cindi, what about your life insurances? We haven't set a trust up yet, but when we were looking into it, we considered funding it with a life insurance policy that only paid out when the both of us passed away (it's difficult from my husband to get life insurance due to preexisting conditions, so that plan fell apart). Cindi Swanson <cbswanson@...> wrote: regarding the trust, our attorney, Terry Varnett says it gets funded at our death. That is apparently how it is written. My concern has always been what happens in the mean time. What happens if everything we have worked for gets used by our elder care. There seems to be no " the way it is " everything we do appears to be a new draft. I would rec. going to a benefits counselor regarding the trust and SSI, as well as check with the attorney on the trust. Cindi Finato www.AngelSpeaks.com www.wegrowdreams.org Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 20, 2008 Report Share Posted March 20, 2008 A good financial planner should be able to help you fund the trust beginning at whatever age you expect your family member with special needs to require it. That person should also be able to help you estimate what amount of funding your family member might need and/or want. A simple way to begin funding is to open a mutual fund investment account in the name of the trust and contribute to it regularly the way you would a retirement account for yourself. The downside to this is that your investment value will fluctuate. As several people have mentioned, insurance is an excellent way because it is available in crisis and the investment return is basically known. Many insurance products can serve a dual function as savings vehicles and universal incurance policies may be structured such a certain amount of premium can be withdrawn prior to death. It is also possible to use annuities which provide certain downside protection to your investments. However, with both annutities and structured insurance programs, it is necessary to work with both a financial planner and an attorney to make sure the owner of the financial product can in no way be contrued to be the person with special needs. Ellen Bronfeld <egskb@...> wrote: ...I will ask Rubin to respond to your email. My husband, though not an attorney would also be happy to talk to you, as he has a pretty good understanding. If you would like, email me offline, egskb@... Ellen Ellen Garber Bronfeld egskb@... Re: Special needs trust Cindi, what about your life insurances? We haven't set a trust up yet, but when we were looking into it, we considered funding it with a life insurance policy that only paid out when the both of us passed away (it's difficult from my husband to get life insurance due to preexisting conditions, so that plan fell apart). Cindi Swanson <cbswanson@...> wrote: regarding the trust, our attorney, Terry Varnett says it gets funded at our death. That is apparently how it is written. My concern has always been what happens in the mean time. What happens if everything we have worked for gets used by our elder care. There seems to be no " the way it is " everything we do appears to be a new draft. I would rec. going to a benefits counselor regarding the trust and SSI, as well as check with the attorney on the trust. Cindi Finato www.AngelSpeaks.com www.wegrowdreams.org Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 21, 2008 Report Share Posted March 21, 2008 The OBRA Trust can be funded by the individual's own funds, like from a job, and is not subject to the $2000 max. HOWEVER, whatever funds are left in the fund upon the demise of the individual must first be used to reimburse the state for ANYTHING that was paid on behalf of that individual. The remainder then can be distributed to heirs. That is my understanding. I had an early OBRA trust and Varnet told me to get it redone. My new one gets funded upon my death. I have no answer for the years in between when I will be unable to work anymore. Thanks, Gloria Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 21, 2008 Report Share Posted March 21, 2008 Does anyone know if over payments from social security can be put into a trust..maybe the OBRA trust? Gloria Kern <prentice50@...> wrote: The OBRA Trust can be funded by the individual's own funds, like from a job, and is not subject to the $2000 max. HOWEVER, whatever funds are left in the fund upon the demise of the individual must first be used to reimburse the state for ANYTHING that was paid on behalf of that individual. The remainder then can be distributed to heirs. That is my understanding. I had an early OBRA trust and Varnet told me to get it redone. My new one gets funded upon my death. I have no answer for the years in between when I will be unable to work anymore. Thanks, Gloria Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 2, 2009 Report Share Posted March 2, 2009 Whats the name of the Law FirmFrom: Grace Lin-Fadel <marimbalin@...> Cc: Jim Fadel <fadel.autism@...>Sent: Monday, March 2, 2009 10:00:00 AMSubject: [ ] special needs trust Has anyone heard about special needs trust or interested in setting up a trust for your kid? I heard this trust from one training regarding different funding sources for special needs children at Downtown dollar bank a few weeks ago. The law firm conducted that workshop and their fee was about $2,000 to $3,000 for setting up this trust. Basically if anything happened to parents and their pension plan will go to their children but it will disqualify our chidren to adult care thru social security or medicaid home based service if there is more than $1,000 in any account including educational IRA, colledge advantage fund or any bank account under the children's name. But if there is a special needs trust fund, then it will not be calculated in that $1,000. Any child support can be set up to this sepcial needs trust fund too. The lawyer probably can explain better than me. Are there any info that our members can share with me? Thank you. Grace Lin-Fadel Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 27, 2009 Report Share Posted March 27, 2009 I think the special needs trust will still need someone to administer it. Shirley Special needs trust For those of you who don't know, Karrie's dad and I have been divorced for 8 years now (!). I was talking to him today about how I want to get her spec. needs trust set up. He told me a year or so ago that he cancelled the 4.5 m in life insurance he used to carry, because he was angry that Karrie was to get all of it, not his 2 older step-sons. Today, he said that he still has some money set back for her, but that his oldest step-son will get the $$ and administer it for Karrie. What I know of this bozo is...well, she won't ever see any benefit from it. Any ideas on how I can convince him that any money she might be getting will need to be put in this spec. needs trust? He wants Karrie to live with one of his step-sons...ain't gonna happen!! They both would welcome her (well, her money anyway). I have other plans for what we are doing. Thanks for any suggestions! Sue mom to Kate 19 and Karrie 12 w/ds and mild autism ------------------------------------------------------------------------------ No virus found in this incoming message. Checked by AVG. Version: 7.5.557 / Virus Database: 270.11.27/2021 - Release Date: 3/24/2009 4:00 PM Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.