Planning for a Loved One With Special Needs Presented By Donald D. Vanarelli, Esq. Certified Elder Law Attorney Charter Member, Academy of Special Needs.

Slides:



Advertisements
Similar presentations
Providing for the Future OLA This material was not intended or written to be used, and cannot be used, to avoid penalties imposed under the.
Advertisements

OLA Providing for the Future. 2 This material was not intended or written to be used, and cannot be used, to avoid penalties imposed under the.
OLA Providing for the Future. 2 This material was not intended or written to be used, and cannot be used, to avoid penalties imposed under the.
Special Needs Trusts Special Needs Trusts The Arc of Northern Virginia.
Planning for a Loved One With Special Needs With [Insert Presenter Information Here] [Your Logo]
Janet L. Lowder Autism Summit October 11, 2008 © Hickman & Lowder Co., L.P.A.
Presented by Sponsored by Introduction to Special Needs Planning Public Benefits, Trust Drafting & Implementation November 16, 2011 Harry S. Margolis.
Special Needs Trusts: How to Write Them and How to Use Them Presented By: Martha C. Brown, Esq. Russell A. Fracassa, Esq.
Chapter 20 Estate Planning. Copyright ©2014 Pearson Education, Inc. All rights reserved.20-2 Chapter Objectives Explain the use of a will Describe estate.
Special Needs or Supplemental Needs Trusts Jerry L. Basford November 8, 2010.
BERNARD M. RAICHE, ED.D., LCSW-C EXECUTIVE DIRECTOR PLAN OF MARYLAND-D.C., INC. 604 S. FREDERICK AVE., SUITE 411 GAITHERSBURG, MD TEL:
Life and Estate Planning for Families With Special Needs Matthew Bogin, Esq Wisconsin Avenue Chevy Chase, MD
2014 John W. Nadworny, CFP®, Alexandria Nadworny, CFP®
Working While Receiving Benefits. Our Programs Social Security Disability Insurance (SSDI) –provides benefits to individuals with disabilities who are.
Disability Benefits At Age 18 Why & How To Apply for SSI & SSDI Ron Konkol Consulting Social Security Administration– Retired T.R.A.I.L.S. Conference Transition.
State as a Model Employer Training Series Basics of Social Security Disability Benefits: Your First Step Towards Benefits Planning Youth Transition Toolkit.
Tennessee Bar Association “Legal Handbook for Tennessee Seniors” Presented By Tennessee Bar Association Public Education Committee.
Retirement and Estate Planning
Presented by Estate Planning, Special Needs Trusts a.k.a. Supplemental Care Trusts and Making Decisions for Loved Ones Victoria Z. Sulerzyski,
Objective of this presentation To encourage you to consider practical future planning questions and begin (or continue) developing a plan for your future.
Navigating a Unique & Often Confusing Process Special needs planning is a unique process Special needs planning is a unique process Parents must search.
Planning for a Loved One With Special Needs. © 2012 McDowall Cotter2 Robert D. Vale.
THE LEGAL ASPECTS OF RETIREMENT PLANNING How God Would Have Us Steward Resources For Our Needs And Those Of The Next Generation Proverbs 13:22 A good man.
Special Needs Financial Planning Presented To: Academy of Special Needs Planners Presented By: Cynthia R. Haddad, CFP Cynthia R. Haddad, CFP ® Sibling.
185 MILWAUKEE AVE., SUITE 235, LINCOLNSHIRE, ILLINOIS PHONE (847) FAX (847) WEB
Presents SETTLING THE PERSON WITH A DISABILITY’S LAWSUIT: USING (d)(4)(A) and (d)(4)(C) Special Needs Trusts With Attorney Sharon L. Pope Sponsored by:
Planning for Individuals with Disabilities Boston Estate Planning Council Harry S. Margolis, Esq. Margolis & Associates Boston & Framingham Lawrence B.
Estate Planning.  Estate: the assets of a deceased person after all debts are paid  Estate planning: the act of planning for how your wealth will be.
THE ABLE ACT CREATING A BETTER LIFE FOR PEOPLE AND THEIR FAMILIES THANKS TO NDSS.ORG FOR THEIR ORIGINAL INFORMATION.
Presents Introduction to Special Needs Planning With Harry S. Margolis Sponsored by: January 7, 2014.
1 SOCIAL SECURITY BENEFITS FOR PERSONS WITH DISABILITIES Amy C. O’Hara, Esq. Littman Krooks LLP
Presented by: Amelia Crotwell, Certified Elder Law Attorney Elder Law of East Tennessee.
BASICS OF ESTATE PLANNING AND PROBATE Margie Connolly, Attorney at Law MARGARET McCULLOUGH CONNOLLY, PLLC Sugar Land TX Mmconnollylaw.com.
Retirement Income and Estate Planning. Social Security A public pension plan established by the US government in 1935 – defined benefit plan Recipients.
Tips for People with MS and Their Partners – Planning for the Future Dick Bell- Financial Education Partners Bradley Frigon- National Academy of Elder.
DOING WELL BY DOING GOOD: Combining Special Needs and Charitable Planning and Charitable Planning Presented by: James M. McCarten | Partner Burr & Forman.
Donna J. Hichman, Esq. The Hichman Law Office, PLLC January 15, 2015.
Ray Ward Estate planning involving persons with a disability.
The ABLE Act: Achieving a Better Life Experience 2014 Information Utilized from the National Disability Institute,
BRINGING YOU PROTECTED TOMORROWS Your Journey Through an Eight Step Special Needs Planning Program Presented by Mary Anne Ehlert, CFP ® Protected Tomorrows,
1 Special Needs Planning: Power of Attorney Advance Directives Medicaid Trusts Judith D. Grimaldi, Esq.
HOW ABLE ACCOUNTS FIT INTO YOUR ESTATE PLANNING Barry Jamieson, Associate Planner, CMP Financial Planning May, 2016.
The A,B C’s and 1, 2, 3’s of SNT’s (Special Needs Trusts) Travis Finchum Special Needs Lawyers, P.A. SpecialNeedsLawyers.com.
The benefits received from Social Security are based on the earnings your employer (or you if self-employed) reported, using your Social Security number.
Special Needs Planning – Caring for all of your Family Members
SOCIAL SECURITY BENEFITS FOR PERSONS WITH DISABILITIES
2/6/2018 ESTATE Planning for the Special Needs of Disabled AdultS, and Elders Facing Long-Term Care Costs Caring for Caregivers November 15, 2016 Presented.
Planning For Your Special Needs Child
Future and Estate Planning for a family with special needs
at The Arc of Somerset County
6/9/2018 ESTATE Planning for the Special Needs of Disabled AdultS, and Elders Facing Long-Term Care Costs Caring for Caregivers November 15, 2016 Presented.
INTRODUCTION TO SPECIAL NEEDS TRUSTS Nell Graham Sale, Esquire Miller Stratvert P.A. Tax Practitioners Institute Albuquerque, New Mexico September 28,
ABLE Accounts and SNTs How to Choose
STRUCTURED SETTLEMENTS, THE PROBATE COURT, AND SPECIAL NEEDS TRUSTS
PUBLIC BENEFITS and STRUCTURED SETTLEMENTS
Special Needs Trusts For P. I. Lawyers
Special Needs Planning
THE SPECIAL NEEDS ALLIANCE
Providing for Persons with Disabilities
Master Trust Accounts and Social Security
Supplemental & Special Needs Trusts, Guardianship and Alternatives
Supplemental Needs Trust: Overview
Montana ABLE Accounts Theresa Baldry.
GUARDIANSHIP, ESTATE PLANNING AND THE ABLE ACT
Securing the Future for Loved Ones with A Disability
Planning for a Loved One With Special Needs
The A,B, C’s and 1, 2, 3’s of SNT’s (Special Needs Trusts)
Planning for a Loved One With Special Needs
Planning for Families With Children Who Have Special Needs
Social Security Disability Work Incentives Benefits 101
Presentation transcript:

Planning for a Loved One With Special Needs Presented By Donald D. Vanarelli, Esq. Certified Elder Law Attorney Charter Member, Academy of Special Needs Planners NJ “Super Lawyer”

What Does Planning Involve? Preserving your child’s financial security and quality of life Preserving your child’s financial security and quality of life Addressing key issues: Addressing key issues: Understanding the role of public benefits Understanding the role of public benefits Making decisions about the future Making decisions about the future Using estate planning/trusts to protect assets Using estate planning/trusts to protect assets

Part 1: Understanding Public Benefits

Public Benefits at a Glance Financial Benefits Supplemental Security Income (SSI) Social Security (SS) Social Security (SS)& Social Security Disability Insurance (SSDI) Social Security Disability Insurance (SSDI) Not means tested but subject to work credits or parents’ eligibility Not means tested but subject to work credits or parents’ eligibility Means tested: Limited income and assets Means tested: Limited income and assets

Public Benefits at a Glance Medical Benefits Medicaid Automatic with SSI Automatic with SSI Must apply for SS/SSDI Must apply for SS/SSDI Medicare After two years of SSDI After two years of SSDI

Supplemental Security Income (SSI) Must meet SSA’s definition of “disability” and have limited assets/income Provides monthly income for food/shelter Gateway to Medicaid / in-home support services

Social Security (SS) / Social Security Disability Insurance (SSDI) Social Security for individuals: Disabled before age 22 and Disabled before age 22 and With parents eligible based on their work record who are retired, disabled or deceased With parents eligible based on their work record who are retired, disabled or deceased SSDI for individuals with work record Social Security benefits may reduce or eliminate SSI benefits

Medical Assistance & Support Medicaid: SSI recipients receive automatically SSI recipients receive automatically Covers “medically necessary” services, equipment, hospitalization Covers “medically necessary” services, equipment, hospitalization In-home services needed to live at home: personal care, housekeeping, cooking, transportation to doctors In-home services needed to live at home: personal care, housekeeping, cooking, transportation to doctorsMedicare: Medical coverage, including doctors, hospital, skilled care Medical coverage, including doctors, hospital, skilled care

How Benefits Work Together SSI Medicaid SSDIMedicare

Part 2: Making Decisions About the Future

Case Study: Nathan Current situation: 18-year-old with autism Lives with mom Income from work programs, SSI, Social Security (from dad who is deceased) Limited personal assets (clothing, tv) Qualifies for Medicaid

Case Study: Nathan Future situation: Who will make health care decisions? Who will make financial decisions? Where will he live? How will his medical expenses be paid?

What Plan Could Nathan’s Mom Make? Possible Options: Make no decisions/plans Leave money to Nathan Disinherit Nathan Leave money to a future caregiver Establish third-party SNT for Nathan Establish first-party SNT for Nathan

Part 3: Creating an Effective Plan for Your Child

What Steps Should You Take Today? Step 1: Envision Your Child’s Future Planning ahead makes a difference: Planning ahead makes a difference: Where and with whom will your child live? Where and with whom will your child live? What type/level of care will be required? What type/level of care will be required? Will a guardian/conservator be necessary? Will a guardian/conservator be necessary? Who else will be involved? Who else will be involved? What kind of lifestyle is desired? What kind of lifestyle is desired? What unforeseen challenges could arise? What unforeseen challenges could arise?

Lays out goals/expectations: Details preferences, needs, wishes, both medical and personal Details preferences, needs, wishes, both medical and personal Lists key people in child’s life Lists key people in child’s life Helps guide: Family members Family members Trustees Trustees Caregivers Caregivers Others Others What Steps Should You Take Today? Step 2: Create a Memorandum of Intent

Monthly income: SSI, SSDI, Social Security, earned/unearned income SSI, SSDI, Social Security, earned/unearned income Monthly living expenses: Housing, food, transportation, medical, recreation, etc. Housing, food, transportation, medical, recreation, etc. Consider how any shortfall will be met Consider how any shortfall will be met What Steps Should You Take Today? Step 3: Estimate Income & Expenses Income - Expenses = Shortfall

Provides supplemental funds for living expenses not covered by other income sources May be established by parents: Through will Through will Through living trust Through living trust “Living” SNT lets others contribute Trustee has discretion over distributions What Steps Should You Take Today? Step 4: Utilize a Third-Party SNT

The SNT Trustee Responsibilities What are the trustee’s responsibilities? Invests/manages assets Invests/manages assets Distributes funds Distributes funds Keeps books Keeps books Files tax returns Files tax returns Hires advocates and care managers, etc., as needed Hires advocates and care managers, etc., as needed

Selecting an SNT Trustee Who should be the trustee? Parent with professional co-trustee Parent with professional co-trustee Corporate or other professional trustee Corporate or other professional trustee Successor trustee Successor trustee

What Parents Should Do Create Memorandum of Intent Calculate future financial need Establish SNT through will or living trust Fund SNT with life insurance Name SNT as beneficiary of accounts, plans, etc. Reduce taxable estate

What Your Child Should Do Sign Advance Directives, if legal capacity Have a legal guardian appointed: When child without mental capacity becomes an adult and parents want to maintain legal responsibility When child without mental capacity becomes an adult and parents want to maintain legal responsibility Court appoints legal guardian Court appoints legal guardian

What If Your Child Has Assets? Establish a First-Party SNT: Provides funds for living expenses not covered by other income sources Maintains eligibility for public benefits Must be established by parent, grandparent, legal guardian or the court State must be reimbursed from the trust for all Medicaid expenses

Get Started Today Understand your child’s eligibility for public benefits. Make plans for the future to maximize public and private resources for your child’s benefit. Make the SNT a key part of your estate plan. Contact a special needs attorney for the assistance you need. Donald D. Vanarelli, Esq. Certified Elder Law Attorney Charter Member, Academy of Special Needs Planners NJ “Super Lawyer”