Posted on Sat Dec 26, 2015, on Special Needs Estate Planning
From our “Ask a Question” mailbag: My adult daughter is a Special Needs Child who has always lived in Burlington County, New Jersey. She will likely always live here and always need care. She is currently eligible for and using Medicaid. When I die, I want to leave her some money, but I don’t want to disqualify her for Medicaid. What can I do?
Klenk Law
Posted on Thu Oct 22, 2015, on Special Needs Trust
From our “Ask a Question” mailbag: I am planning to set up a Special Needs Trust for my son and place a gift in the trust each year to help provide care for my son after my death. If he dies without the entire amount being used, whom can I name as the beneficiary?
If I have the facts correct, you are thinking about forming an Irrevocable Trust for your son during your lifetime (“inter vivos”) and then placing money into the trust every year to create a pool of funds to provide care for your son after your death. I also assume, in order to provide the maximum tax benefits, you will use Crummey Powers to make these transfers free of Federal Estate Tax, and you will not serve as trustee.
Klenk Law
Posted on Fri Oct 9, 2015, on Special Needs Estate Planning
From our “Ask a Question” mailbag: My son is a special needs child and I have formed a Special Needs Trust in my will for his care. How do I fund this Trust without paying the Pennsylvania Inheritance Tax?
If you are unable to fund the trust until your death, then the only way to fund the trust without paying the 4.5% Pennsylvania Inheritance Tax on transfers to children (or to trusts for children) is to use life insurance.
Thanks to a skilled lobbying group, life insurance is exempt from the Pennsylvania Inheritance Tax.
Klenk Law
Posted on Tue Jul 7, 2015, on Special Needs Trust
From our “Ask a Question” mailbag: My son is a special needs child in Philadelphia on Medicaid, and I want to leave money at my death for his care. I have heard that Special Needs Trusts are becoming more liberal, is that true?
Special Needs Trusts have been available for many years, allowing parents to leave money for a child’s care that “supplements” but does not “supplant” what government programs provide. In this way, your child can qualify for Medicaid but the trustee can use the money you set aside for your son to provide him with the extra things that the government program does not provide.
Klenk Law
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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