Celebrity Estates: Wills of the Rich and Famous

Ep 53 – The Information About Special Needs Trusts Everyone Needs To Hear With Gina Nelson

Aug 30, 2021

Gina Nelson, Senior Vice President at Chilton Trust Company and an estate planning attorney, dives into the intricacies of special needs trusts. She emphasizes how these trusts can preserve government benefits while providing additional support for individuals with disabilities. Discussion points include the importance of tailored trust planning, the risks of boilerplate solutions, and the need for flexibility in trust documents. Gina also highlights when to initiate special needs planning and the critical role of knowledgeable trustees in managing these trusts.

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INSIGHT

How Special Needs Trusts Work

A special needs trust preserves eligibility for Medicaid, SSI, and other disability programs while providing funds for non-covered items.
The trustee must have discretion and cannot make mandatory distributions to the beneficiary.

INSIGHT

Supplement, Not Supplant

Special needs trusts supplement but must not supplant government benefits to avoid disqualification.
Trust language often expressly states it will supplement, not replace, public assistance.

ADVICE

Avoid Outright Inheritances

Avoid leaving assets outright to a disabled person because it can disqualify them from benefits.
Instead, fund a special needs trust to prevent guardianship and preserve eligibility.

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Many of us remember Chrisptopher Reeves for his unforgettable performance as the first Superman to appear on the big screen in 1978. But a lot of us forget his later years were spent as a parapelegic after a tragic horse accident.

In this episode, David Lenok speaks with Gina Nelson about some of the different planning you can do to prepare if you or a loved one should become disabled, and what you can do today to set them up for after you’re gone.

Gina discusses:

The Christopher and Dana Reeves Foundation and how it’s set up to help those living with any type of disability
How a special needs trust can help you and your loved ones
The difference between special needs and supplemental needs
The importance of flexibility in your trust documents
The different scenarios between who sets up the trust
And more

Connect With Gina Nelson:

Connect With David Lenok:

About Our Guest:

Gina M. Nelson is a Senior Vice President – Head of Fiduciary Services with over 15 years of experience in various trust and estate roles. Prior to joining Chilton Trust, Ms. Nelson served as Executive Director/Global Head of Trusts and Estates Risk at J.P. Morgan where she was responsible for Risk Management of all of J.P. Morgan’s trust companies, which include the U.S., Delaware, Bahamas, and other international entities. Prior to J.P. Morgan, Ms. Nelson accumulated over 10 years of trust company experience, serving as a resource on complex fiduciary matters, reviewing and approving new business, and developing and enhancing fiduciary processes and procedures.

She has spoken on panels at several key industry events, including the Delaware Trust Conference and the Mourant Ozannes International Trust and Private Client Conference. Ms. Nelson began her career practicing law and opened her own practice where her focus was estate planning and trust and estate administration. Ms. Nelson received her B.A. in French and European Studies from Vanderbilt University and her J.D. from the University of Minnesota School of Law.