In a previous post, I described the Reasons to Set up a 3rd Party Supplemental Needs Trust as an Irrevocable Life Insurance Trust. The same Third Party Supplemental Needs Trust can also be set up as an IRA Stretch Trust. If a Special Needs person is named as beneficiary of an IRA, 401k, 403b or any other […]
Recently, I wrote a post explaining the differences between a First Party Special Needs Trust and a Third Party Supplemental Needs Trust. As you are aware, the goal of a Special Needs Trust or a Supplemental Needs Trust is to provide financial resources to a Special Needs Person in a way that will not cause them […]
NJ Special Needs Trusts: Can the Trustee Buy Clothing? Although the federal government clearly changed the rules in 2005 to allow a Trustee of a First Party Special Needs Trust to buy an unlimited amount of clothing for person receiving Medicaid and SSI, there is still a lot of confusion regarding this issue in New […]