Special Needs Trust And Medicaid Payback
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FAQ
The statutory provision governing individual trusts is 42 U.S.C. § 1396p(d)(4)(A); thus individual self-settled special needs trusts are sometimes called, simply, ?d4A? trusts. ?Pooled? self-settled trusts are governed by Section 1396p(d)(4)(C), so those trusts are referred to as ?d4C? trusts.
In the rulings, the IRS permitted the owner of the grantor trust to be treated as the designated beneficiary of the annuity contract. This allows the grantor of the trust to stretch the benefits over their life or life expectancy.
The trustee works in very close contact with the beneficiary and/or their caregiver to manage the trust and its financial distributions to pay for these things. The main takeaway regarding distribution of SNT funds is this: The beneficiary never sees the money directly, but the money is used to pay for their needs.
Cons of Special Needs Trusts The trust must be maintained, and yearly management costs can be high. Depending on who manages the fund, there may be a minimum amount required to set up the trust. It may be financially difficult for the settlor to actually establish the trust, depending upon their circumstances.
The fact that structured settlement annuity payments are tax-free should also be considered in the analysis. If structured settlement annuity payments are utilized where a special needs trust is involved, the payee of the structured settlement annuity payments must be the special needs trust.