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A
Booming Business Serves Special Needs Families
(Business Week - 1/8/09)
Employers, financial services firms, and consultants are helping
families with disabled members qualify for financial and educational
aid
A
Special Plan
Regarding planning for children with special needs, many clients
haven't ever properly addressed the nuances of special needs planning
which can be complicated and subject to dangerous misunderstandings.
Academy
of Special Needs Planners Featured on CBS TV News - November
27, 2008
ASNP Co-founder Harry S. Margolis appears in a segment titled "Families
with Special Needs Kids Seek Advice" on CBS Boston's affiliate
News Channel WBZ TV. Follow link above to see the video. Type in
"Special Needs Families" in the search field. The story
originally aired on the November 27th nightly news program. Click
here to read the text version "Special Needs Planners Help
Families Get Care".
Caring
for a Special Needs Child - Difficult Questions, Difficult Answers
(Corp - 9/1/07)
Parents with a special needs child worry most about what will happen
to that child when they are no longer able to care for him or her...planning
for the child’s life after the parent’s death can become
complicated.
An
Estate Plan Built for Special Needs (Wall Street Journal)
This is a great summary of what we spend every day doing and it
was written with input from some of our friends.
Estate
Planning for a Family with a Special Needs Child (ABA - 7/09)
This article is a general overview of issues that a lawyer may need
to address when preparing an estate plan for a family with a special
needs child.
Estate
Planning Strategies for the Special Needs Family (Trust &
Estate Planning Law - 4/17/10)
Special children require special estate planning. If the child is
receiving government benefits, it is especially important to let
family members know that their well-meaning gifts must be carefully
planned.
Financial
Concerns (Williams Syndrome.org)
As the parent of a child with disabilities, one of your concerns
will be to provide for the future for your child. It is important
to make sure that all assets are kept out of your disabled child's
name (including assets left in a will) so they can maintain financial
eligibility for Medicaid and SSI. Currently, assets of just $2000
in your child's name will make them ineligible for SSI.
Financial
Planning: Special Needs Trusts (ABA - 2/05)
Much has changed in the emerging area of planning for the disabled.
Financially
Preparing for Special-Needs Kids (Elder Law Attorney -
10/20/08)
A good, simple overview of planning for a child with disabilities.
Funding
a Special Needs Trust: How Much is Enough? (Academy of Special
Needs Planners - Sept. 2007)
As a parent or guardian, you want to ensure that your child with
special needs will remain financially secure even when you are no
longer there to provide support.
How
a "Sole Benefit Trust" Can Either Hurt or Help a Person
with Special Needs (Special Needs Answers - 10/23/09)
When helping older clients quickly qualify for Medicaid coverage
of long-term care, elder law attorneys often ask right at the outset,
"Do you have a relative with special needs?" The reason
this question is so important is because under federal Medicaid
law, someone applying for Medicaid long-term care (nursing home)
benefits can transfer her assets into a special needs trust for
the "sole benefit" of a person with disabilities, and
that transfer will not disqualify the Medicaid applicant from receiving
benefits. In other words, a senior who is willing to give away her
assets to a person with special needs, and who meets all the other
Medicaid eligibility requirements, can almost always qualify for
Medicaid quickly.
How
to Plan for the Future of Your Special Needs Child (Today video)
The April 12 show's "Mini Money Makeover" segment was
on how to plan for the financial future of your special needs child,
and it featured an Ohio mother, Sara George, who has a 30-year-old
son, Brad, with Down syndrome.
Knowing
a Little About How Special Needs Trusts are Taxed Can be Helpful
(Joseph Hoffmann)
Having a little working knowledge about how Trusts are taxed can
help you with planning for your special needs person. It will also
help you to work more effectively with your accountant, lawyer and
trustees.
Maximizing
Resources for Your Disabled Child (Legacy - 12/10/08)
A little primer on Special Needs Trusts and how they help families
plan for the future of their children with disabilities.
Next
Steps: Children can help mom best with advice of a lawyer
(Post-Gazette -
11/25/08)
A good summary of Medicaid planning and the use of special needs
trusts.
Planning
a Future for an Adult Child with Disabilities: Steps to Take Now
to Ensure Their Tomorrow (Ohio.gov)
Among the many challenges facing parents of children with special
needs is planning for the time when the parents will no longer be
around to act as the primary caregivers. A generation of parents
who have cared for their children with developmental disabilities
at home now face their own old age and the prospect that their children
may outlive them.
Planning
Ahead for When Your Special Child Turns 18 (Exceptional Parent
Magazine)
Planning ahead is wise for all. It is essential for the future of
a child with special needs who is about to turn 18. In most states,
a child's 18th birthday signifies the moment when that child is
legally presumed to be competent to make his or her own medical,
financial, and educational decisions. Unless parents take precautionary
steps to overcome that legal presumption, their child - legally
- could quit school, sign up to purchase expensive toys or leave
home.
Planning
for IRA Beneficiaries with Disabilities (Oast & Hook
Elder Law News - June 2007)
An owner of an IRA needs to be aware of the importance of careful
planning when an IRA beneficiary has a disability .
Preserving
Disability Benefits When Settling Personal Injury, Divorce &
Worker Comp. Claims
(Lawrence A. Friedman, Esq.)
When arranging nearly any kind of payment for a disabled person–
whether litigation or administrative award, alimony, child support,
gift, or inheritance– lawyers must take account of disability
program regulations, which are complex, often defy common sense,
and may be at odds with tax considerations.
Planning
for the Long Haul (Disability Scoop)
Attorney Diedre Braverman answers questions about guardianship,
when and how to set up a special needs trust and who to involve.
Qualified
Disability Trusts Can Offer Tax Savings (Special Needs Answers
- 4/12/10)
As tax season comes to a close, donors and trustees should be aware
that in certain circumstances, a third-party special needs trust
may be treated as a "qualified disability trust" for purposes
of income taxation. Why should you care? Because a qualified disability
trust is allowed to take a much higher personal exemption than a
regular trust, resulting in lower income taxes for the trust.
Settlement
and Estate Planning to Safeguard Disability Aid (Lawrence
A. Friedman, Esq.) (search Articles for title)
Because so many disabled people rely on government programs for
housing, food, medical care, day programs and other important benefits,
two concerns arise when drawing wills, trusts and settlements that
impact a client or client’s loved one with serious disabilities.
Settling
Personal Injury, Divorce and Other Claims and Estate Plan to Safeguard
Disability Aid
(Lawrence A. Friedman, Esq.) (search Articles for
title)
Whether settling a disabled client’s personal injury, divorce,
probate, or worker compensation claim or planning an estate, two
considerations should be paramount: preserving eligibility for government
programs and resolving public benefit liens.
Some
Gifts Take More Than They Give (Register-Herald - 12/19/08)
"Families of children with special needs must be very careful
about accepting gifts from well meaning friends and family....Families
have literally lost thousands of dollars in aid and services because
they didn’t know how to plan.”
Special
Needs Families - Planning Can Be Complicated (Nest Egg News
- 5/22/10)
While a firm foundation in financial planning is crucial for all
families, it’s all the more critical to a family with a special-needs
child. A family with a child with ongoing medical needs, financial
planning requires a separate timeline for the disabled person, in
essence requiring the parents/ sponsors to plan for two retirements
[theirs and their dependent's].
Special
Needs Trust: Avoiding a Malpractice Trap (VA Lawyers Weekly
- 3/16/09)
Personal injury lawyers are cautioned against dabbling in the field
when they get a settlement or judgment that could jeopardize benefits
for a client. They could be doing more harm than good with their
personal injury recovery, the experts say.
Special
Needs Trust: How to Ensure the Care of Your Disabled Child (Health.com)
Initiate the trust as soon as you determine that your child may
not be capable of supporting himself. If your child's development
improves and he is able to earn a living, great—the trust can
always be dissolved and the funds returned to you or given to the
child. Special-needs trusts are complicated animals, however, and
rules vary from state to state.
Special
Needs Trust Provides Teachable Moments (Wealth Counsel - 5/4/10)
Patti's Comment: This article discusses some of the complex issues
that arise in settling a case for a person with a disability.
Special
Needs Trust Q&A
What is the best method for reimbursing the guardian of a Special
Needs Trust beneficiary for monies spent on behalf of the beneficiary?
Special
Needs Trusts Can Provide for Disabled Children (Post-Gazette
- 8/18/09)
After eagerly anticipating the birth of their first child seven
years ago, Shawn and Sharon Widenhofer found themselves embarking
on a parental journey they had not planned for when they learned
their daughter, Sarah, had been born with Down syndrome.
Special
Needs Trusts: How to Keep Your Win From Becoming Your Client's Loss
(Kevin Urbatsch)
Avoiding great hardship for a client who receives certain public
benefits requires careful planning.
Special
Needs Trusts: The Basics Every Lawyer Should Know (Michele P.
Fuller)
Part I: Knowing when a special needs trust may need to be implemented,
what it is and how it works in the best interests of your client
are essential basics all attorneys should know in order to avoid
a client's benefit disqualification.
Part
II: What a Special Needs Trust Can Pay For
In part I, the general principals of special needs trust distributions
were discussed, as well as in-kind support and maintenance rules,
referred to as ISM. Now, in part II, some of the most common requests
for distributions will be discussed.
Special
Rules Apply for Supporting People with Special Needs (NY1 -
5/27/10)
Putting off preparing for your child's future can ultimately leave
them at risk – particularly when it comes to money. While you
might think you can provide for them in your will, a person with
special needs who qualifies for government aid like Medicaid or
Supplemental Security Income can only have a certain amount of money
in their name.
The
Proper Use of Life Insurance in a Special Needs Trust
This article covers a topic that could help insurance agents really
help a very motivated client base -- parents with special needs
children.
Think
About a Special Needs Trust (Chadd Leadership Blog - 12/3/08)
Ever think about how you will provide for your child with special
needs once you are no longer around? Any family with a child who
has significant special needs should consider establishing such
a trust.
Top
15 Tips for Estate Planners When Planning for Special Needs
(Katherine N. Barr, Richard E. Davis, Kristen M. Lewis)
The world of special needs planning has come of age. Once considered
a narrow specialty that rarely demanded much of a traditional estate
planner's time, understanding how to protect the eligibility of
a client's child with a disability for publicly available programs,
including health care, is now essential.
Using
Annuities for Long-Term Care Planning (Elder Law Weblog - 9/23/08)
Insurance agents and financial institutions often advertise annuities
as the perfect way to generate retirement income. While annuities
can be a valuable retirement tool, if you are buying an annuity
as part of a Medi-Cal planning strategy, you need to fully understand
what you are getting.
What
is a Special Needs Trust?
(Mason Law PC)
A Special Needs Trust, also referred to as a Supplemental Needs
Trust, is a trust specially designed to hold assets on behalf of
a disabled individual in a manner that will benefit the individual
without jeopardizing that individual’s SSI, Medicaid or other
government benefits.
What
is a Special Needs Trust and How Could it Apply to You? (YouTube
video)
Basic info and examples from Shields and Boris law firm.
What
is a Special (Supplemental) Needs Trust? (Special Needs Answers)
Special needs trusts (also known as "supplemental needs"
trusts) allow a disabled beneficiary to receive gifts, lawsuit settlements,
or other funds and yet not lose his or her eligibility for certain
government programs. Such trusts are drafted so that the funds will
not be considered to belong to the beneficiary in determining eligibility
for public benefits.
When
is a Special Needs Trust Considered a Qualified Disability Trust
for Federal Income Tax Purposes? (JD Supra)
Special needs trusts for younger beneficiaries may be entitled to
an income tax break on undistributed income.
When
is a Trust a Special Needs Trust (Martindale.com - 8/23/10)
"Special Needs Trust" (SNT, sometimes called a "supplemental
needs trust") is a generic term for a trust designed to supplement
the means-tested government benefits of a beneficiary with a disability.
If you think that none of your clients or their adult children would
ever need government benefits, think again. By maintaining eligibility
for cash income and health insurance, a family may stretch its collective
resources to care for the individual with disabilities over time.
Patti's Comment: A simple description from my friend Janet in
Ohio.
Who
Can Set Up a Special Needs Trust? (JD Supra)
The answer depends on what type of Special Needs Trust – a
Third Party Special Needs Trust or a First Party Trust. A third
party trust, that is created to hold assets of another person for
the benefit of the person with special needs, can be set up by anyone
who is over the age of 18 and has the mental capacity to create
such a trust. Typically, a parent or grandparent sets up a third
party trust because they are usually the ones who are leaving assets
to the person with special needs. However, with older couples, sometimes
one spouse sets one up for the surviving spouse. In addition, a
friend or other nonrelative may set up a third party special needs
trust to be the recipient of gifts from other friends of the person
with special needs.
Whole
Life Insurance and a Supplemental Special Needs Trust: A Smart Combination
for Providing Life-long Care for Family Members with Disabilties
Paying for life-long care for a family member with disabilities
can be financially overwhelming. Not knowing how your child will
be cared for after you're gone is a heavy burden that weighs on
most parents of children with special needs.
Writing
a Memorandum of Intent for a Special Needs Child (Donald
D. Vanarelli Blog - 11/7/08)
How can you ensure that your special needs child will remain well
cared for and secure once others assume the role of guardian or
caregiver? Also see sample Letter
of Intent.
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