https://www.specialneedstaskforce.com/contact-us daily 0.75 2021-11-24 https://www.specialneedstaskforce.com/for-attorneys daily 0.75 2021-01-20 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1611182936127-WRQVME4A08NB44LCL77Z/Special+Needs+For+Attorneys.jpg For Attorneys https://www.specialneedstaskforce.com/funding-the-trust daily 0.75 2020-11-27 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606513059036-5ZNVHG2TL12FNQAAOCQ3/Especial+Needs+Trust+Funding.jpg Funding the Trust - 6. Adequately funding the trust. There are two aspects of this issues: How much money does the trust need to take care of the child? And, How is the trust funded? The most efficient way to determine the amount of money needed to fund the trust is to break it down into four parts: Transitional expenses that will be incurred when you can no longer care for the child. Expenses the parents are currently incurring. Expenses being paid by public and private resources; and, Assistance for the guardian/caregiver Once you have an idea of how much money is needed in the trust, you can address the issue of how to fund the trust. Technically anything of value can be used to fund the trust. The trust can be funded with savings and investments as well as real estate. The trust can be the beneficiary of your retirement account, be it a 401k, 403b, TSP, or an IRA. However, retirement accounts can create adverse tax consequences. Candidly, most families cannot afford to give away what they have accumulated. They are going to need everything they have when they retire, and, knowing what it will be worth at their death is uncertain due to the increase in life expectancy, inflation and the possibility of needing long term care. Life insurance is the preferred funding instrument for most families; it allows familiesto enjoy their retirement and not worry about spending their money on themselves to the detriment of their child with a special need. https://www.specialneedstaskforce.com/government-benefits daily 0.75 2020-12-01 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606512813677-Y1FWQJUFJUYXJL4RYCRI/Special+Needs+Government+Benefits.jpg 1 • Government Benefits - It is important to understand seven aspects that parents deal with when planning for their children’s future. They are quite often overlooked because they are not fully understood. 1. Understanding how different government benefits coordinate and offset each other. The government benefits being discussed are SSI, Medicaid, Social Security Disability Income and Medicare. Some of these benefits’ eligibility requirements are that the child be impoverished. Other benefits do not have this requirement. It is possible to qualify for all four benefits. It is also possible to qualify for a benefit that will reduce another benefit or disqualify the child from multiple benefits. https://www.specialneedstaskforce.com/home daily 1.0 2020-11-27 https://www.specialneedstaskforce.com/ife-care-planning-guide daily 0.75 2020-12-21 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1608573050461-2LIKZYPDDKN604RU2FVU/Life+Care+Planning+Guide+%7E.jpg Life Care Planning Guide - 5. Preparing written instructions of what you want for your child and your child’s history – A Life Care Planning Guide. A Life Care Planning Guide is a medical history of the person with a disability and a record of their desires and/or the desires of his or her parents concerning the type of care the disabled child should receive. A Life Care Planning Guide is not a legal document; nonetheless, it is extremely useful to the trustee, successor guardians and caregivers. If you are interested in receiving a Life Care Planning Guide click here. https://www.specialneedstaskforce.com/inheritance-dilemma daily 0.75 2020-12-07 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606512921552-3608GYW8TP6V68P3Y2YO/Special+Needs+Child%27s+Inheritance.jpg 3 • Inheritance Dilemma - 3. Understanding the risks and consequences of directing the child’s inheritance to a sibling or other family member. It is common for parents to leave the portion of their estate that they would have bequeathed to their child with special needs to another sibling or family member. This approach is, at best questionable, and at worst, have adverse legal consequences. It has significant financial repercussions for both of the children. https://www.specialneedstaskforce.com/legacy-trust daily 0.75 2020-12-14 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606854814982-K6JRP4BBZXP8JOTCT51X/Legacy+Trust.jpg Legacy Trust https://www.specialneedstaskforce.com/life-care-planning-guide-form daily 0.75 2021-02-22 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1607386265115-M4DI22EMH78WIKPV8MX7/Cover+Life+Care+Planning+Guide.jpeg Life Care Planning Guide Form https://www.specialneedstaskforce.com/more-information-contact-form daily 0.75 2021-02-22 https://www.specialneedstaskforce.com/not-ready-to-purchase daily 0.75 2021-01-15 https://www.specialneedstaskforce.com/our-mission daily 0.75 2020-12-21 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606610179780-L3B2WSW8WJOFRADTONOA/Special+Needs+Presentation+to+Parents.jpg Our Mission - The taskforce’s mission is to help parents and family members navigate what are for many uncharted waters… and hopefully reduce the stress caused by the uncertainty of planning for their child’s future. We have made presentations to family support groups, organizations that provide services to individuals with disabilities, and special education departments. If you want to schedule a presentation for your group or a consultation to discuss your situation, please contact us. https://www.specialneedstaskforce.com/overview daily 0.75 2021-01-13 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1610563158446-E9OXWDEMZZQTGR8LE7V2/Trusts+Diagram-02.jpg Overview https://www.specialneedstaskforce.com/pay-to-establish-trusts daily 0.75 2021-01-20 https://www.specialneedstaskforce.com/right-financial-advisor daily 0.75 2020-11-27 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606513092096-7YL4LWKEP06D8NAQCKWY/The+Right+Financial+Advisor.jpg The Right Financial Advisors - 7. Finding advisors with expertise in estate planning for families who have a child with special needs. It’s not easy coming to terms with your own mortality. The part of your brain that processes emotions works faster than the part that processes logic. Therefore, many parents' initial reaction to dealing with the estate planning process is emotional and therefore negative.Typically, when the logical part of the brain catches up, it will justify the emotional response. In other words, it comes up with excuses not to proceed with the planning process. This situation is made more difficult because we do not teach personal finance in school to any great extent. It is further exacerbated by the reality that what little is taught does not address planning for a child with special needs. Unfortunately, most financial advisors are not well-versed in this area. Their situation is similar to that of your family doctor. While he or she may be great at treating your ordinary illnesses and injuries, you would not use them to perform a heart bypass. You would use a specialist. That analogy is also true in your estate planning. You want to use an attorney and financial advisor who has the experience and expertise to maximize your situation to benefit your child with a special need while not ignoring your spouse and other children. This is the expertise and experience that the members of the Special Needs Estate Planning Task Force provide you. We are equipped to work you through this extremely emotional process. https://www.specialneedstaskforce.com/special-needs-trust daily 0.75 2020-11-27 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606512852292-I5P2IM62481AX8S0ULC4/Especial+Needs+Trust.jpg Special Needs Trust - 2. Leaving an inheritance to their child without disqualifying them from government benefits by establishing a Special Needs Trust. There is only one practical and legal method available to leave an inheritance or make a gift for the benefit a child with a disability and preserve the child’s Medicaid eligibility - a Special Needs Trust. Although there are many types of special needs trusts, they primarily fall into two categories: The self-settled trust is funded with assets belonging to the beneficiary (the person on SSI and Medicaid). The third-party special needs trust is funded with assets belonging to someone other than the beneficiary (the person on SSI and Medicaid). A self-settled trust is often established using a personal injury award or an inheritance. Upon the child’s death, Medicaid must be paid back from the trust assets for the cost of any care provided. If funds are then left over, they are distributed to those were designated by the parents when the trust was established. Most families are primarily concerned with the third- party special needs trust. This trust, which may be created by a parent or grandparent, will be funded with a gift of cash, life insurance, annuity 401k, IRA or other retirement accounts, securities or other assets. Medicaid is not paid back upon the child’s death, and leftover funds go to those who were designated by the parents when the trust was established. https://www.specialneedstaskforce.com/sub-trusts daily 0.75 2020-12-14 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606859135469-J8ATH6UVII8S869EHBXG/Equine+Therapy+for+Special+Needs+kids.jpg Sub-Trusts https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606859235971-J576VXTYI8DVO567AKSK/Caregiver+Trust.jpg Sub-Trusts https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606859267560-PKZCJTL97LEPIPVF8S9B/Spendthrift+Trust.jpg Sub-Trusts https://www.specialneedstaskforce.com/succesor-caregiver daily 0.75 2020-11-27 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606513011730-IF096LK9O3ZPD82S6CZZ/Succesor+Caregiver.jpg Succesor Caregiver - 4. Providing financially for the successor caregiver and their family. The caregiver who replaces the parent is the key to carrying out the parent’s desires for their child. Due to the distribution limitations of a special needs trust and the enormous responsibility the caregivers are assuming, as well as the pressure it places on the family, it is suggested that a Caregiver Trust be created. The purpose of the "Caregiver's Trust" is to make the situation more bearable for the caregiver and the caregiver’s family. It cannot be emphasized strongly enough the need to provide for the caregiver and the caregiver’s family. A stressed-out caregiver is of no value to the disabled child. For that reason, there must be resources available to relieve the pressure on the caregiver and the caregiver’s family. This is the most overlooked aspect of the planning process. This is, however, a reasonable recommendation considering the strain that caring for a child with a disability puts on the caregiver and the caregiver’s family. https://www.specialneedstaskforce.com/thank-you-1 daily 0.75 2021-02-22 https://www.specialneedstaskforce.com/welcome daily 0.75 2020-11-27 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606269603699-1W19WNX198A2PR8UJCHQ/Harry+Ehrenberg%7E.jpg Welcome https://www.specialneedstaskforce.com/your-peace-of-mind daily 0.75 2020-11-29 https://images.squarespace-cdn.com/content/v1/5fb8184ce295b90a63116b88/1606512666771-RTDFAZJ3N1VRUFEQQU8T/Special+Needs+Peace+of+Mind.jpg Your Peace of Mind