A pre-recorded video replay of the entire March 2015 live seminar, Drafting Special Needs Trusts and Medicaid Planning.
GAL for Incapacitated Persons Continuing Credits: 6.0
Note: Your GAL certificate may be found at the front of your written materials.
Topics covered include:
- Special tools to help you advise elderly clients and clients with disabilities
- Drafting Tips
- Administration Tips
- Medicaid rules for eligibility
Both sessions are intermediate-level, although the basics are reviewed in each.
Drafting Special Needs Trusts
You know what special needs trusts are: These trusts permit beneficiaries to maintain eligibility for needs-based government benefits, such as Medicaid and Supplemental Security Income (SSI), and permit beneficiaries to use the trust funds for goods and services not paid for by these programs.
You know who can be the beneficiaries of special needs trusts:
- Children or adults with disabilities
- Elderly persons (in certain circumstances)
You know when to use special needs trusts: Special needs trusts are used to protect assets of a beneficiary, or assets of a third party for the benefit of a beneficiary, that would otherwise make the beneficiary ineligible for needs-based government benefits.
Now learn how to draft special needs trusts:
- Basic provisions that should be included in all special needs trusts
- Drafting differences between self-settled and third-party special needs trusts
- Troublesome language to avoid
- Designating a trustee
- Administration tips
Are your clients concerned about how they are going to pay for long-term care in a nursing home? Unless they are able to afford more than $50,000–$100,000 a year to pay for the nursing home, they will need to do some long-range planning.
Are they worried about the level of care Medicaid will provide?
Are they worried about impoverishing the non-institutionalized spouse?
Review the rules for Medicaid eligibility and learn how to put them to use in fact-specific situations. Listen as Tim Palmer demonstrates specifically how to use the rules to for asset and income preservation allowed under Medicaid law. He will use different scenarios and discuss the Medicaid planning options available for each.
For example, Scenario #3:
75-year-old husband and 70-year-old wife. They own a house assessed at $200,000. Wife has an IRA worth $45,000. They have joint checking, savings, and other liquid assets worth $60,000. They own a hunting cabin in Surry County, Virginia, that is assessed at $40,000. Husband has $1,200 per month Social Security income and Wife has $500 per month Social Security income. Husband just had a stroke and likely will require continuous nursing home care for an extended period of time. They have 3 children. One lives locally and none of the children have any significant complications.