Special People... Special Plans

Have you heard the news? The federal government is out of money and so are most state governments. Certainly, that is not good news for anyone, especially those who are most vulnerable among us - Americans with special needs. Why, you ask?

If you have a family member with special needs, or know someone who does, then you know that many Americans with special needs rely, at least to some extent, on public assistance to help them with support for essentials like food, clothing, shelter and basic health care. "Public assistance" means "government money" and there is not much government money these days when government spending far exceeds tax revenue. Not a pretty picture.

So, what should parents (and grandparents) of a family member with special needs do to help ensure their future financial security, ESPECIALLY when the parents (and grandparents) are no longer available to provide assistance for them? The answer is "Special Needs Estate Planning". This unique form of estate planning focuses on providing for the special needs of mentally and/or physically challenged family members, even if public assistance is not available or is severely limited in the future.

The first step, however, is to get educated regarding your options. We have created a resource center on our website to help educate families facing these issues, as well as their professional advisors. To learn more about "Special Needs Estate Planning" click here. If you would like to register to download our free SPECIAL REPORT: "Special People... Special Plans", then click here.

In this SPECIAL REPORT you will learn about the four essential steps in Special Needs Estate Planning, why Special Needs Trusts are important and how proper planning can maximize your resources for your loved one(s) with special needs, while preserving their eligibility for public assistance. Do you have a basic plan in place to cover the essentials? Find out in this SPECIAL REPORT.

In addition to the resource center on our website, I also present workshops on this topic to interested groups and have a brochure available upon request. If you would be interested in knowing more, then contact us by phone or by email. We are here to help.

Comments

[Paul Nidich]

Special needs Estate Planning is critically important, as you point out. However, there are more than two types of special needs trusts, and there is a difference between a "Special Needs Trust" and a Supplemental Services Trust.

A special needs trust is set up under social security laws. A d4a trust is designed for individuals who have been injured in some way and need to shelter their judgment or settlement from disqualifying them from government benefits, usually SSI or Medicaid. A d4c trust is a "pooled trust" and typically is used to shelter money to prevent loss of government benefits because of receipt of gifts or inheritances.

What is more commonly referred to as a Special Needs Trust is usually a drafted irrevocable trust, created by parents or grandparents as third-party trusts, that provides for supplemental services as defined by federal and state regulations. It is important to hire an attorney who understands the differences in these various trusts.

NOTE: I am NOT intimating that Mr. Krull does not understand these differences. I have not looked at the rest of his web site, but I do see at the bottom of his message that there are links both to "Special Needs Planning" and "Supplemental Needs Planning." I was just concerned that people with special needs and their family members seek out all information necessary to do their planning correctly.

Paul Nidich
Cincinnati, Ohio
513.563.1595

[Jennifer Campbell]

Paul -- while I think your comments are good, I also think it's only fair to point out that nothing you wrote here contradicts anything in Mr. Krull's post ... you have provided additional clarification that typically would be beyond the scope of a brief blog posting and perhaps appropriate in the context of a CLE class.

[Malaki]

I'm inclined to agree with you.
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Special needs Estate Planning is critically important, as you point out. However, there are more than two types of special needs trusts, and there is a difference between a "Special Needs Trust" and a Supplemental Services Trust.