Stories like this can be sad to read. Many older Americans apparently paid between $8,000 and $12,000 for plasma infusions from young donors with the expectation that those infusions would slow aging and prevent memory loss. This week the FDA warned consumers about such infusions, stating that any purported benefits have not been verified through the rigorous processes the FDA requires to confirm the therapeutic claims. We encourage individuals to talk to their doctor before signing up for any new medical treatments.
Special Needs Trusts are one of the more complicated legal instruments Elder Law attorneys commonly draft. Among the reasons for this complexity, the ever-growing, ever changing rules published by the Social Security Administration are probably the greatest cause. The rules are known as the Program Operation Manual System (POMS), and stretch to hundreds of pages. Joanne Marcus, the Executive Director of Commonwealth Community Trust, has recently published a nice summary of changes made to the POMS last year. If you are administering a special needs trust for a family member or friend, this is information that you need to know to avoid major problems.
We also assist with administering special needs trusts, and while the POMS represent the federal requirements for a valid special needs trust, there are also rules that must be complied with which are Virginia-specific. We’re always happy to help you make sure that your special needs trust is sufficient for both authorities, and more importantly, that the beneficiary doesn’t lose his public benefits because of a mistake you made.
Happy Friday,
Jeremy
