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" ... For your assets to be treated as unavailable for your spouse’s support, the trust cannot be created and funded during your lifetime, like a third-party special needs trust. To create a self-settled special needs trust for your spouse’s benefit, you must create the trust under your will. This requires having a customized will, that includes a trust, and that the title to your assets are in your name, only (and not jointly or payable on death) so that the assets go through your estate. Like other special needs trust, whether self-settled or a third-party trust, you must restrict how and to whom income and principal of the trust may be distributed. Medicaid eligibility requires that any assets that could, under any circumstances, be made to or for the benefit of your spouse shall be counted. Therefore, in addition to a spendthrift clause, the distributions from the trust should be at the trustee’s discretion and be limited to only those distributions which supplement Medicaid and SSI and do not disqualify your spouse from receiving need-based benefits. ... "
" ... In a nutshell, Faith Campbell created a Living Trust for the benefit of her four children in 1997. Faith died in 2007, and one her children, Linda Castellano, and her husband declared bankruptcy in 2011. The issue is whether the assets that were retained in the Living Trust, which had a spendthrift provision that protect the interests of beneficiaries (such as Linda) became property of her bankruptcy estate. ... "
" ... Not surprisingly, pages devoted to the well-traveled Jefferson, who served as a foreign diplomat, make for the most interesting biography. His preferences were diverse—even exotic—for the times, with orders for wines from Hungary (Tokay), Italy, Spain and Portugal. He was also a spendthrift, spending $3,200 annually, equivalent to $70,124 in 2020. Jefferson detailed his purchases, and Ryan includes a couple of pages of his notes (above), which, if you can decipher, make for fascinating reading. He also summarizes the famous Hardy Rodenstock scandal in the 1980s over the sale of Château Lafite bottles with purported Jeffersonian provenance. (What other president can make the news some 154 after his death?) ... "
" ... What those shocks are doesn't matter. It could be the effect of decades of spendthrift government coming home to roost a la Grecque. It could be the joint implosion of Nokia and the forestry industry as in Finland. Could be a property and banking crisis as in Ireland. But a too large monetary area means no access to monetary policy to deal with these more local problems. Yet, again as Friedman says, there is a get out clause: ... "