Managing a Special Needs Trust: A Guide for Trustees, 2012 Edition

By Barbara D. Jackins, Esq., Richard S. Blank, Esq., Ken W. Shulman, Esq., and Harriet H. Onello, Esq.

Managing aSpecial Needs Trust: A Guide for Trustees, 2012 Edition is a reference guide for anyone who is managing a special needs trust for a person with a disability. The book explains how special needs trusts relate to the many complicated public benefit programs that assist people with disabilities.

Adults (18 or older) with a disability who qualify for SSI (Supplemental Security Income) receive a monthly check. They also receive Medicaid automatically. To get SSI, adults do not have to show any financial hardship or special economic need. However, they must have a disability according to the Social Security rules, have low income, and own few assets.

Via a special needs trust, families can set aside assets for their family member with a disability (beneficiary) and the beneficiary remains qualified for SSI, Medicaid, and other government benefits. Families with limited assets should consider establishing a special needs trust because it is not necessary to put any money into an account when they sign the trust. When parents are gone, a portion of their estate, life insurance benefits, and other funds can pass to the special needs trust.

Managing aSpecial Needs Trust: A Guide for Trusteesis for laypersons (friends and family of a person with a disability) and for professionals—attorneys, financial planners, tax advisers, and social workers—anyone who is managing (or considering managing) a special needs trust. It is concise, easy to use, and packed with helpful information.

The authors (all Massachusetts attorneys) explain how a trustee can use the trust funds for the medical, recreational, and transportation needs of a person with a disability without risking the benefits of government programs such as SSI, SSDI, Medicaid, and Section 8 housing. The authors give useful advice and provide many concrete examples.

Managing aSpecial Needs Trust is a practical reference book that answers common questions such as:

  • What are my responsibilities to the beneficiary with a disability?
  • Can I spend money for a car, trip, or gift?
  • How does the trust affect public housing benefits?
  • What expenses can I safely pay without risking SSI benefits?
  • How do I open a bank account?
  • Does the trust need its own taxpayer identification number?
  • What happens if I need to resign?

The book also explains the trustee’s bond, fees, record keeping, accounting requirements, and investment responsibilities.

Reviews

“…"go-to" reference guide that you or your trustee can refer to when you have questions about your duties as trustee or if you have trouble understanding the ins and outs of a specific public benefit program…”

Academy of Special Needs Planners

_…a wonderful book written in language that is easy to understand that answers the majority of the questions that my clients have about special needs trusts. It saves me hours of time answering their questions. After I have given them the book and they read it, they have very few questions.”

Annette L. Gerhardt

Gerhardt Law Office

Sierra Vista, Arizona 85635

"This book is an indispensable guide to the issues special needs trustees are likely to face. Every trustee of a special needs trust should have this book by his or her side to make sure the beneficiary gets every benefit the trust was designed to provide. "

Harry S. Margolis, Attorney, Co-Founder

Academy of Special Needs Planners