An article in The New York Times on special needs planning for those over age 65 features Special Needs Answers, the Academy of Special Needs Planning (ASNP) and one of the Academy's member attorneys, Michele P. Fuller.
The November 4, 2010, article discusses the use of pooled trusts for those over age 65 who are disabled, describing these trusts as "a little-known way for some people in certain states to receive home care through Medicaid, without requiring them to impoverish themselves first."
Many states force seniors transferring assets to these trusts to wait out a Medicaid penalty period, meaning that pooled trusts are workable for those over age 65 in only about a dozen states that don't impose such a transfer penalty. The article cites Special Needs Answers as the source for this information and links to our Directory of Pooled Trusts. Later in the article, Michigan ASNP member Michele P. Fuller reports that her state recently joined the list of states that impose a transfer penalty on those over age 65 who move assets to a pooled trust.
To read the entire article, titled "What's a Pooled Trust? A Way to Avoid the Nursing Home," click here.
For more on pooled trusts, click here.Article Last Modified: 11/04/2010
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