This article was first published in the May 2019 of Birmingham Parent magazine. … [Read more...]
Alabama Family Trust Turns 25
Time Flies - Let us re-introduce Alabama Family Trust. Back in 1994, the Alabama Legislature passed the statute to create Alabama Family Trust. For the past 25 years, Alabama Family Trust has been the only non-profit, pooled trust company in Alabama administering $30M+ in special needs trust assets for disabled children, adults, and seniors. Board of Trustees - Its Board of Trustees are appointed by the governor of Alabama, the presiding officer of the Alabama Senate, and the Speaker of the Alabama House of Representatives. All appointments are then confirmed by the Alabama Senate. The … [Read more...]
Advantages of Non-Profit, Pooled Trusts
from Alabama Family Trust's Executive Director, Melanie B. Holliman Recently, I attended a large CLE (continuing legal education) course with a variety of speakers. I was surprised to hear a vendor from a for-profit trust company denigrate trusts managed by "pooled non-profit trust companies" as being inferior to their for-profit trust services. You could say the speaker "stepped on our toes" a bit, so I want to clarify the advantages of a pooled non-profit such as Alabama Family Trust. Pooled Trusts Beneficiaries of pooled special needs trusts have the advantage … [Read more...]
Special Needs Trusts and Medicaid Eligibility
Can you Explain Special Needs Trusts and Medicaid Eligibility? No Problem! Even if you have used a special needs trust and Medicaid application yourself, it's still difficult to explain it to someone else. Alabama Family Trust can handle this situation. Just break out the popcorn and join your friend to: Watch this video Of course, Alabama Family Trust strongly recommends you consult with an estate planning asset protection attorney who also has experience helping with Medicaid applications. A Special Needs Trust can protect assets so that they can be used to supplement government … [Read more...]
Taking Care of Family
Southerners often pride themselves on taking care of family. However, as family members live longer and Alzheimer’s and other forms of dementia are becoming more common, caring for an aging loved one can be challenging. Many times, family members cannot quit their jobs to care for the loved one, or they may not have the care-giving expertise to meet their loved one’s needs. When it’s time to consider skilled care, like a nursing home, the family needs to talk to an elder law attorney about asset protection and potential government benefits, such as Medicaid and SSI. Avoid "Spend Down" with a … [Read more...]