Special Needs or Supplemental Trusts?
Harry S. Margolis
Discussion of the differences between special needs, supplemental needs, self-settled, and third-party trusts
Contact Us: 781-705-6400
Contact Us: 781-705-6400
Discussion of the differences between special needs, supplemental needs, self-settled, and third-party trusts
Anyone who became disabled before age 46 can now have an ABLE Account.
Summary of New York Times article on special needs planning
“Special” and “supplemental” needs trusts are the same thing, both protecting assets for disabled individuals so they can qualify for public benefits programs such as Supplemental Security Income and Medicaid.
The difficult decisions to be made in drafting special needs trusts involve the extent of trustee discretion to make or withhold distributions.
The alleged defrauding of special needs trusts by Massachusetts attorney Patrick J. Dolan and Florida investment manager Leo J. Govoni provide insight on what steps professional advisors should take to protect special needs beneficiaries.
The practice of holding annual meetings for special needs trusts will help them better meet the needs of beneficiaries and protect the trustees from second guessing in the future.
Case of Leo J. Govoni and the Center for Special Needs Trust Administration is a financial fraud similar to those perpetrated by Sam Bankman-Fried and Bernard Madoff. The difference is that the victims are more vulnerable.
A memorandum of intent can ensure that trustees carry out the grantor’s goals in creating the trust
ABLE Accounts and what they mean for your special needs planning. Learn how to set up an ABLE Account in Massachusetts.