What is a Special Needs Trust? A “special needs trust” is a specific type of trust that is established for a person with special needs to supplement the benefits the person with special needs may receive from government programs such a SSI and Medicaid. A properly drafted special needs trust will allow the beneficiary to Read More
Help for People with Disabilities
Help for People with Disabilities Federal legislation adopted in 2015 allows people with disabilities who became disabled before they turned 26 to set aside up to $14,000 a year in tax-free savings accounts without affecting their eligibility for government benefits. Generally a disabled person cannot have assets worth more than $2,000 without forfeiting eligibility for Read More
Court of Appeals Requires Accident Proceeds To Be Paid To Special Needs Trust
Court of Appeals Requires Accident Settlement Funds To Be Paid To Special Needs Trust The Indiana Court of Appeals has ruled unanimously that a trial judge was wrong in refusing to fund a severely injured adult’s special needs trust with $6.75 million in funds from settlement of a suit involving an traffic accident that had Read More
Guides for Managing Someone Else’s Money
Guides for Managing Someone Else’s Money — Millions of people have legal authority to manage money for a family member or a friend, and the number may grow with the aging of the population and the rising number of individuals with disabilities. The Consumer Financial Protection Bureau (CFPB) has developed a package of easy-to-understand booklets to Read More
Financial Elder Abuse in Assisted Living Facility
Financial Elder Abuse in Assisted Living Facility By Rebecca C. Morgan — We know about under-reporting of elder abuse as well as the rise of financial exploitation. Patrick Egan’s December 6, 2013 post “Tracking a Thief, Once You Know There Is One” in the New Old Age Blog puts a face to the problem. He Read More
Telephone Scams Preying on Vulnerable Adults
Telephone Scams Preying on Vulnerable Adults Criminals use clever schemes to defraud millions of innocent people, often employing sophisticated technology and reinventing age-old scams that pressure people to make snap decisions that prey on a person’s sympathies and vulnerabilities. Persons with disabilities and their family members often become unwitting targets of financial predators. The Federal Read More
IRS Warns of Tax-Related Phone Scam
IRS Warns of Tax-Related Phone Scam A fast-moving phone scam called the largest of its kind is targeting taxpayers across the country. Victims have reported threats of license suspension, arrest and deportation. What makes this timely scam so tricky? The scammers impersonate Internal Revenue Service (IRS) agents and demand payment for taxes owed, and often: Read More