Feb 6, 2025
At Bellomo & Associates, we are committed to client education. In this episode, Jeff discusses the differences between a Special Needs Trust and a Supplemental Needs Trust as part of that commitment. Our Special Needs Workshop offers another opportunity to learn these key concepts.
Our Estate Planning Workshop focuses on pre-planning activities such as Wills, Powers of Attorney, Asset Protection Trusts, etc.
If you or a loved one will need skilled care in the next six months to a year, our Medicaid Workshop would probably best serve you.
The Life Care Planning Workshop allows you to help a loved one age in place. Our licensed social workers share their valuable expertise with you.
After the loss of a loved one, you can attend our Administration Workshop where you’ll learn how to administer the estate properly.
Call (717) 845-5390 or visit https://bellomoassociates.com/workshops/ to learn more or register for our free, educational workshops.
WHAT YOU NEED TO KNOW
(00:00) Episode introduction.
(05:39) Our Special Needs Workshop looks at special needs trusts (also known as first-party trusts or payback trusts or d4A trusts), supplemental needs trusts (i.e., third-party special needs trusts), pooled trusts, ABLE accounts, and more.
(09:00) A third-party special needs trust is created and funded by someone for a person with a disability. A first-party special needs trust is created and funded by the person with the disability.
(10:47) The terms “special needs trusts” and “supplemental needs trusts” are essentially interchangeable.
(16:51) “First-party special needs trust” and “third-party special needs trust” are clearer terms and the rules for each are different. A first-party special needs trust provides for the state to get repaid up to the amount of care provided. A third-party special needs trust does not repay the state.
ABOUT BELLOMO & ASSOCIATES
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONED
Bellomo & Associates workshops:https://bellomoassociates.com/workshops/
- Life Care Planning
- The Three Secrets of Estate Planning
- Nuts & Bolts of Medicaid
For more information, call us at (717) 845-5390.
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WAYS TO WORK WITH JEFFREY BELLOMO
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