This webinar provides an overview of the different types of special needs trusts (first-party, third-party, and pooled trusts) and explains the value of these instruments for individuals with disabilities. We also explore the use of ABLE accounts as an alternative to special needs trusts, or as a tool to be used in conjunction with these trusts. Case scenarios are presented to compare the effectiveness of ABLE accounts with special needs trusts in maintaining eligibility for needs-based government benefits, avoiding Medicaid reimbursement, providing alternatives to guardianships, encouraging a beneficiary’s independence, avoiding unnecessary costs, and offering long-term financial strategies for families with special needs.
Learning Objectives:
- Gain a comprehensive understanding of special needs trusts and ABLE accounts, including the unique features, advantages, and limitations of each tool.
- Identify how ABLE accounts can be used in combination with special needs trusts to maximize SSI and simplify trust administration.
- Discover strategies for selecting an appropriate trustee, directing income and assets to an ABLE account or trust, and determining proper expenditures of funds.
- Review the process of assigning military survivor benefit plan (SBP) annuity payments and child support to a first-party special needs trust.
- Receive materials that outline options for dealing with unexpected income and assets that threaten eligibility for important government benefits.
- Develop a greater appreciation for the benefits of special needs estate planning and the critical need for such plans in families with special needs.
