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Third-Party and Self-Created Trusts: Planning for the Elderly and Disabled Client, Third Edition |
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This practical handbook provides expert advice on drafting the most effective trusts for elderly and disabled clients. Written by Clifton B. Kruse, Jr., a well-known expert in the fields of estate planning and elder law, this updated edition of Third-Party and Self-Created Trusts explains the effect that governmental legislation has had on trust law and guides you through the maze of federal laws that affect planning for the elderly and disabled.
Focusing on the effect of the Omnibus Budget Reconciliation Act of 1993 on trusts for older and disabled Americans, this guide includes the full text of this act and outlines how it affects the drafting of trusts, illustrated by a comprehensive chart showing OBRA 1993's effect on nine commonly used trusts.
Third-Party and Self-Created Trusts includes sample forms and language reflecting the most current rulings, dozens of real-world examples, and detailed endnotes that will help you:- Draft trusts for individuals who have disabled children or elderly or disabled parents so that the trust beneficiary is not disqualified from receiving government entitlement programs
- Outline the necessary case law and language that should be considered when drafting wills and trusts for such clients
- Include language in the trust for disabled clients who may be receiving Medicaid and wish to retain a supplemental fund for themselves until their death
The book has been completely updated to reflect changes from the Economic Growth and Tax Relief Reconciliation Act of 2001. In addition to updating the material from the earlier editions, the trust forms have been amended where appropriate. In addition, this edition includes the following:- Expanded Notes on Use that explain issues in the sample trust illustrations
- New chapters on Medicaid (dis)qualifying trusts, Medicaid liens affecting proceeds received by injured parties, sole benefit disability trusts, trusts created for S.S.I. purposes under 42 U.S.C. §1382b(e), and V.A. pension benefits and disability trusts written pursuant to 42 U.S.C. § 1396p(d)(4)(A)
- Relevant Health Care Financing Administration (HCFA) documents, including Transmittal Letter No. 64, which interprets trust issues where Medicaid is a feature
- An expanded Table of Cases with references to case discussions in the text
- Update on the April 29, 2002, Revenue Ruling 2002-20, 2002-17 I.R.B. 7-94, which expands the types of trusts to be created for the benefit of a person with disabilities to which a Charitable Remainder Trust makes income distributions
Sample forms include: Revocable Discretionary Supplemental Care Trust; Court-Created Supplemental Care Trust; No-Discretion Income-Only Trust; Pooled-Accounts Trust; Will Provisions for Establishing a Testamentary Supplemental Care Trust; Discretionary Inter Vivos Irrevocable Disability Trust; Charitable Remainder Unitrust; and Durable Power of Attorney for Gifting.
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