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Showing posts from March, 2013

My client is over the age of 64 - What do I need to know?

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We posted twice in 2012 about being able to utilize a Pooled Special Needs Trust (SNT) in Florida for individuals ranging from newborns to centenarians. 

Don't panic, we are not posting to tell you that something has changed; clients who are over the age of 64 are still able to utilize a Pooled SNT for Medicaid purposes. However, we need to also ask the question - are they receiving Supplemental Security Income (SSI) benefits?
Lately we have received an influx of inquiries regarding individuals over age 64 who are looking to maintain their SSI income, as well as their Medicaid benefits.
Unfortunately, Social Security penalizes individuals over age 64 who are receiving SSI if they fund a Pooled Trust.  The penalty is one month for every $710 put into the Pooled Trust, up to a maximum of 3 years.

In many cases this is not an acceptable penalty and other strategies for sheltering the assets need to be explored, however, there are circumstances when it still makes sense to fund a Pooled T…