1 / 15

Comprehensiv e Estate Planning fo r Individual s with Specia l Needs

Comprehensiv e Estate Planning fo r Individual s with Specia l Needs. James J. Mullen, Esquire (401 ) 474-1571 jjmullenlaw@cox.net. Special Needs T r ust. Protects eligibilit y fo r governmen t benefits Provides for a higher quality of life

ranee
Télécharger la présentation

Comprehensiv e Estate Planning fo r Individual s with Specia l Needs

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ComprehensiveEstate PlanningforIndividualswith SpecialNeeds JamesJ.Mullen,Esquire (401)474-1571 jjmullenlaw@cox.net

  2. SpecialNeedsTrust • Protectseligibilityforgovernmentbenefits • Providesfor ahigherqualityoflife • Providesframeworkforcareandmanagementof assets • Allowstheparenttoexpresstheirdesires • Protectsassetsfromcreditorsandpredators • Extendslifeof assets

  3. SpecialNeedsTrust • Avoidsmanyofthecostlymistakespeoplemake whenplanningfor theirchildwithspecialneeds,such as: • Disinheritingthechild • Relyingonyourotherchildrentoprovide thechildwithspecialneeds • Failingtoprovideprivacyforthechildw specialneeds • Choosingthewrongprofessionals for ith

  4. DisinheritingtheChild • Somerecommendtoparentstodisinheritthechild withspecialneedsinordertoprotecttheirpublic benefit. • Publicbenefitsprovideminimallevelsofhelp • Yourspecialneedschilddependsonyoumore thanyourotherchildren • Thisisshortsightedplanning

  5. RelianceonSiblings • Whilethismaybeaworkabletemporarysolution,for thelongtermthereareseriousdrawbacks • Siblingsmaynothavethefinancialresources • Siblingsmaynothaveemotionalresources • Whatifsiblinggetsdivorced,orhasothercreditor problems? Theassetsyouintendedforyourchildwillgo toacreditororex-spouse. • Whatifsiblingdiesorbecomesincapacitated?

  6. PrivacyConcerns • Theprobateprocessispublic.Predatorsmaylearnof yourchild’sinheritanceandseektoseparatethem fromtheirassets.

  7. ChoosingtheWrongProfessionals • Attorneyswhoarenotexperiencedinthisareacando moreharmthangood • FinancialAdvisorswithexperiencecanhelp maximizeyourresourcestobenefityourchild

  8. SpecialNeedsTrust • ThreekindsofSNTs • SelfsettledSNT • ThirdPartySNT • PooledSNT

  9. ThirdPartySNT • MaybeestablishedbyWillorduringlife • IfestablishedbyWill: • Timeconsumingdelay • Additionalprobateexpenses • What if theWill isnot probated? • What if laws change? • Ifestablishedintervivos: • In effect immediately • Trustees,andsuccessorsget trainingandexperience • Canbebeneficiaryof lifeinsurance • Grandparentscanleaveaninheritancetothetrust • Iflawschange,trustcanbeamended

  10. ThirdPartySNT • Thetrustshouldreflectyourchild’suniqueness • Generictrustscanleavethetrusteewithlittle guidanceonhowtoprovidelifeenhancingbenefits for yourchild • Thetrustshouldreflectyourknowledgeand insightintoyourchild

  11. ThirdPartySNT • Thetrusteeshouldgetexperience managingthetrust • Teachothers,howtomanaget • Workoutkinksintheplan • Putateaminplacetomeetyo uniqueneeds • Theplanisinplaceifyoubecome incapacitated hetrust urchild’s

  12. HowdoIChooseaTrustee? • Initially,chooseyourselfand/oryourspouse • Next,choosewhoyouthinkwill • Carefor your child • Iswillingandabletodevotethetimeandenergy • Hastheabilitytomanagetheassetsproperly • Is willingto learn • Iswillingtoseekadvice • Is someoneyou trust

  13. HowdoIchooseaTrustee? • ProfessionalTrustees • Arenotasattachedtoyourchild • Maybelessresponsive • Are bondedor insured • Aremorelikelytoproperlymanagethetrust • Provideexcellentrecordkeeping • Chargefor theirservices(alltrusteesshouldbe compensated)

  14. HowdoIchooseaTrustee • Considerselectinganindividualandaprofessionalto serveasco-trustees • Together,theybalanceeachother

  15. NextSteps • Decidethatyouaregoingtogetseriousaboutestate planning • Recognizethatplanningisanexpressionofloveand devotiontoyourspouse,children,andthecausesyou support

More Related