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We are constantly working towards making our document drafting software, Elder Docx, the go-to system for drafting trusts and other documents to help clients with their elder law, special needs, and Veterans benefits cases. Recently, a new version of Elder Docx was released. Here are some updates that were included in the release:
- Due to Secure 2.0, a new option was added to the EC Secure Supplemental Needs Trust™ to allow charities to be named as remainder beneficiaries. However, there will be limiting language included in the document that will disallow charities from benefiting from trust property should the trust not qualify as a Type II applicable multi-beneficiary trust (AMBT) at the time of the plan participant's death, in order to preserve the 10-year stretch. Therefore, any charity named might not benefit from trust funds if the trust fails to qualify as a Type II AMBT, as would be the case if the primary beneficiary was not disabled or chronically ill at that time.
- An option was added to the EC Medicaid Asset Protection Trust® and EC Medicaid Family Protection Trust™ to give the Trust Protector the power to add or remove Lifetime Beneficiaries. Note that such option was not added to the EC Veterans Asset Protection Trust®, as such Trust Protector power would jeopardize the nongrantor trust status of that trust.
- An option was added to the Pour-Over Will and Pour-Over Will for Spouse for the Medicaid Asset Protection Trust, Medicaid Family Protection Trust, and the Veterans Asset Protection Trust to be able to include a reference to a personal property memo therein.
- A new global preferences option was added to include the verbiage “and any amendments thereto” in the trust name for a revocable trust, an irrevocable trust, both, or neither.
- There were several state-specific updates, including –
- California – Updated language in the statutory Advance Health Care Directive;
- Florida – Updated language in the statutory Affidavit by Agent;
- Georgia – Updated language in the statutory Advance Directive for Health Care;
- Georgia –Added the statutory Psychiatric Advance Directive;
- Kentucky – Removed witness requirement from the nonstatutory Financial Power of Attorney;
- Ohio – Updated language in the statutory Qualified Income Trust; and
- Texas – Updated language in the statutory Medical Power of Attorney Designation of Health Care Agent.
We will get busy working on updates and enhancements for our next release! It is our intent to make Elder Docx an invaluable resource to our members’ firms, making their workload easier and lighter. To see Elder Docx in action, request a demo today.
