Planning Now
Updates
Some information in Planning Now has changed since the guide was published in 1999. We have listed below the changes we are aware of presently for you to add to your PDF version of the guide. Please add in the changes below and be sure to visit our website periodically for future updates.
Over time, other information will change such as websites and phone numbers, so we urge you to verify all contact information with the various resources noted throughout the guide.
Though this guide is not updated in its entirety, the majority of its content still contains accurate and pertinent information regarding the estate planning process.
Please notify us of any other changes you discover while using the Planning Now guide.
We can be reached at 410-767-3670 or 800-305-6441 extension #1 or by email.
- The information included in the following Updates is not automatically added to the PDF version that is available on this website. The Updates are for you to add at your discretion. Also, note that the page numbers used below only reflect the numbers in the PDF version of Planning Now available on this website. The numbering for the original hard copy version will differ.
Page 21
Amount of Benefits: The maximum monthly SSI benefit as of January 2006 was $603 for an individual and $904 for a couple.
Page 22
Replace the 2nd and 3rd paragraphs with this information:
When an individual is living with a parent or someone else who owns or rents the home, but he does’t pay his fair share of shelter and food costs, he or she is considered living in the household of another. In this situation, SSI will reduce his benefits by 1/3 of the maximum SSI payment ($201 in 2006), regardless of the actual value of the support he receives. This occurs even if the actual value is less than $201, so it may only be worth providing in-kind support if it is worth more than the 1/3 reduction.
When an individual is living in his or her own household, SSI counts the value of in-kind support up to a “presumed maximum value” (PMV), regardless of it’s actual value. The PMV is 1/3 of the maximum SSI payment plus $20 ($221 for and individual in 2006). However, if there is no other income than SSI, the reduction is only $201. If you can prove that the actual value of an in-kind support is less than the PMV, only the actual value will be considered.The dollar amount in the next 3 examples will change to $221 as well.
(Please note: These are general descriptions and a variety of criteria and exemptions apply so be sure to consult a knowledgeable advocate or attorney when planning regarding public benefits.)
Page 24
Medicaid: In addition to becoming eligible for Medicaid through DDA's "Home and Community Based Waiver," it is also possible for eligible individuals to access Medicaid through other Medicaid waivers (e.g., Autism Waiver, Living At Home, Older Adults Waiver ). Consult a knowledgeable advocate for details.
Also, Medicaid Part D covers prescription drugs and medications for people who receive Medicare. For more information, consult the Medicare website at www.medicare.gov
Page 24-25
The amount of income a person can earn and still receive Social Security benefits depends on the person's age if he is collecting on his own employment record. See the Social Security website for more information, www.ssa.gov.
When receiving SSDI, Social Security allows a qualified person to enroll in a work incentive program and earn a maximum income $620 a month in 2006 for a period of time and still collect benefits. After the trial work period ends, benefits will stop for the months a person's earnings are at a level Social Security considers "substantial," currently $860 in 2006. For more information about work incentives, consult the Social Security website, www.ssa.gov, Keyword-Disability.
Page 35
Wills: If you decide to revise a will, you should consult a lawyer to assure that your desired changes are made in compliance with legal requirements to assure that your will is not invalidated.
Page 42 Add New Trust Legislation
Placing a home in a special needs trust for a loved one with a disability is a terrific way for parents, grandparents or others to contribute to the future of their family member and to ensure that they live where they want – in a home of their own where support can be provided. Families that may be able to leave a house in a special needs trust are typically concerned that there will not be adequate money in the trust, either initially or over the long term, to cover the cost of major repairs and upkeep on the home.
The General Assembly passed a bill that took effect in June 2006 that will help individuals and families in these situations. As a result of the bill (HB 717), trusts that own a home for an individual with a disability may now qualify for a loan under the Maryland Housing Rehabilitation Program (MHRP), which is designed for “families of limited income.” Loans under MHRP are for improvements such as correcting exterior and interior deficiencies like a roof repair; making handicapped modifications; and improving weatherization and energy conservation. MHRP loans have interest rates based upon the owner’s – or this case the trust’s – ability to repay the loan. Trusts will have to meet the same eligibility requirements as families do to access the program. The legislation will also allow an individual living in a home owned by their Special Needs Trust to qualify for the Homeowners Property Tax Credit if they meet eligibility criteria.
Page 50
Tax Issues: The tax laws in this area have changed significantly and the information contained in this section is no longer accurate. The tax laws continue to be in a state of flux. For further information, contact an attorney or tax professional.
Page 51
Rules governing financial eligibility for Medicaid long term care were changed significantly in 2006. Consult an attorney to discuss any issues about planning for your own long term care.
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