Special Needs Planning CLE

The American Bar Association Section of Real Property, Trust and Estate Law and the ABA Center for Continuing Legal Education are sponsoring a teleconference and live audio webcast on July 15, 2008 entitled Practical Aspects of Special Needs Planning Part 2: Traps Ahead — Drafting and Tax Issues for Special Needs Trusts.

Here is a description of this program:

This session will focus on an invaluable tool to help a person with special needs: the Special Needs Trust.  Did you know there are both first party and third party trusts? Drafting of these trusts can allow the beneficiary to qualify for Medicaid and Supplemental Security Income, but drafting must be done carefully. Learn which provisions are required by law in order to qualify the Trust as a (d)(4)(a) Trust under Medicaid. Every Special Needs Trust you draft will also have income, gift and estate tax consequences.  Learn how to draft these trusts to allow a beneficiary to qualify for government benefits while minimizing taxes.

This second program in our three-part series will cover:

• Drafting First Party Special Needs Trust to qualify for Medicaid and Supplemental Security Income
• Drafting Third Party Special Needs Trusts to supplement the needs and care of a beneficiary with special needs
• When to set up and fund Special Needs Trusts
• The interrelationship of Special Needs Trusts and taxes
• Who is responsible for the payment of income taxes on income generated by a Special Needs Trust
• Funding of Special Needs Trusts and gift tax issues
• Drafting Special Needs Trusts to minimize estate taxation