[WSBAPT] Unring a SNT Bell??

[Josh Grant]

A 3rd party SNT has no waiting period, so if SS hits the nursing home within 5 years,  maybe in 6 monhts?? at least Husband won’t have to pay down all of his assets  to $2000  in order to get Medicaid.  So in case of nursing home, the house would be sold and 1/2 of the proceeds would be kept back and later available for his special needs (if properly drafted), once he has spent his 1/2 down to $2000,  then later, whatever is left would be inherited by the kids.   It would, however, not work if it is discretionary.  All SNT’s which are meant for Medicaid eligibility are not discretionary.  So, if they all want to scrap the SNT, make sure you disclose that the fam is happy with losing 1/2 of the house proceeds unnecessarily .... and by the way, husband doesn’thave to go to son for anything, until he goes through his 1/2 of the assets, as only her half is in the trust.

you can do anything you want with a TEDRA. Yes signed by all beneficiaries.

Joshua F. Grant, PS
Attorney at Law
P. O. Box 619
Wilbur, WA 99185
tel 509 647 5578
fax 509 647 2734



From: Marcus Fry 
Sent: Friday, January 16, 2015 1:04 PM
To: 'WSBA Probate & Trust Listserv' 
Subject: Re: [WSBAPT] Unring a SNT Bell??

Paul:

Most if not all SNT are completely discretionary.  I look at the terms of the trust more closely, may likely be able to distribute it outright without issue.  Also be careful about wife’s intent, maybe this was doubling as a marital type trust to protect a husband from a future conniving love interest.  Who handled the finances in the family?  How was the marriage? 

 

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 
Adoption Attorney*

P.O. Box 1689 
Yakima, Washington  98907 
Telephone:  (509) 248-7220 
Facsimile:  (509) 575-1883 

 

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of James B. Dolan
Sent: Friday, January 16, 2015 12:09 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Unring a SNT Bell??

 

Paul:

 

Check out 11.96A.125.  Also, look at the Riddell case.  Maybe that will help.

 

Jim Dolan

 

===================

 

Jones Butler Dolan, PS

www.jbdolan.com

www.jonesbutlerdolan.com

 

Mount Vernon

 

P.O. Box 2784

720 South Main Street

Suite 233

Mount Vernon, WA 98273

Telephone: 360-336-2939

Facsimile: 360-336-2949

 

Stanwood

 

P.O. Box 458

10027 - 269th Place NW (SR 532)

Stanwood, WA 98292

Telephone: 360-629-3833

Facsimile: 360-629-6253

 

 

 

 

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Friday, January 16, 2015 11:49 AM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Unring a SNT Bell??

 

Is it possible to unring a SNT bell?  Wife dies and her reciprocal Will distributes everything to a Special Needs Trust on behalf of surviving husband (his Will does the same thing).  He is selected as the Personal Representative of her estate and I am probating her Will.  Thing is, he’s not disabled and doesn’t want to hassle with going to his eldest son (trustee of the trust) to get money.  Modest estate of less than $500k.  Terms of testamentary trust says upon husband’s death, remaining assets in SNT go to adult children.  Almost all of the estate’s value is wrapped up in the equity of the family residence.  

 

1.       Why did their estate planning attorney put them into testamentary SNTs?  Is this a plan to preserve estate assets just in case there is a catastrophic illness and the family wants to use government benefits (SSI and Medicaid) instead of family assets??  Does this even make sense when the value of the Decedent’s estate will be one half of the equity of the family residence?

2.       If the family is willing, can the family overturn the SNT by entering into a TEDRA agreement to terminate (or not activate) the SNT?  

3.       If yes, must all the residual beneficiaries (all of the adult children) need to sign off?  Father is hesitant to have to get all of his kids signatures if it isn’t necessary?

 

Thank you for your guidance and help.  

 

 



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