What’s New

MSNT Expands Area Served

In the past, only citizens of Missouri were eligible to establish trusts with MSNT. Recently, state statutes in Missouri have been revised to allow MSNT to accept special needs trusts for citizens of the eight states surrounding Missouri. Individuals with disabilities or their family members may establish a special needs trust with an initial deposit of $500 plus an enrollment fee. Additional amounts may be added to the trust at any time.

MSNT Accepts Medicaid Payback Trusts

MSNT now accepts special needs trusts established with the beneficiary’s own resources. These trusts are often referred to as Medicaid Payback Trusts. For example, an individual with a disability who receives an inheritance may place those funds into a special needs trust and continue to be eligible for SSI and Medicaid benefits. This is a terrific advantage for Medicaid recipients who otherwise must “spend-down” resources to meet the resource guidelines for eligibility. Funds held in a special needs trust may be used in accordance with SSI and Medicaid regulations to supplement monthly income from benefits. At the death of the beneficiary, the state has the right to claim remaining proceeds in the trust to offset medical expenses incurred by the state.

SSI Regulations On Countable Income Now Less Restrictive

The Social Security Administration has issued new regulations for “Determining Income and Resources Under the Supplemental Security Income (SSI) Program”. The regulations are effective March 9, 2005. The new regulations are available on the web at https://secure.ssa.gov/apps10/poms.nsf/lnx/0500835400. Changes have been made in three areas: 1) The new regulations eliminate clothing from the definition of income and in-kind support; 2) the dollar value limit for the exclusion of household goods and personal effects has been eliminated; and 3) one automobile will be excluded if it is used for transportation of the individual or a member of the individual’s household.