Introduction to Special Needs Estate Planning - Part I

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SpecialNeeds Estate Planning focuses on the need to provide for the special needs ofour loved ones with disabilities when we are no longer there to organize andadvocate on their behalf.  It isessential that we start planning now for the coordination of the legal,financial, and care components that will provide for the maintenance of thequality of life and dignity of the beneficiary of the plan.
Itis all about maximizing opportunities and minimizing risks.
Thefour strategic steps we work through in our practice are:
PLANNING- DRAFTING - FUNDING - ADMINISTRATION
Planning- It is important to consider carefully all the factors that affect theindividual situation.  It is critical totake the time to design a complete plan that takes into account thebeneficiary's unique circumstances, and that fully explores all the optionsavailable to address his/her special needs. This advance planning could include a professional financial assessment,a public benefits profile, a distribution plan and the exploring of housingoptions.
Planningthe future of a child or adult with a disability is an enormous challenge. Itrequires specialized planning and where possible it is wise to incorporate thehelp of professionals such as financial planners or accountants, publicbenefits technicians, care coordinators, and yes, attorneys who specialize inthis area.  It is investing in drawing upthe plans for the house before we start building.  Remember the old adage, pay a little now(prevention), or pay a lot later (cure).
Drafting- Finding a competent attorney to put together the right documents.  This can be difficult, as many are enteringthe field, but are not familiar with trust law, and public benefit ordisability issues.
Funding- A great plan that is has no funds available is useless.  It is important to determine accurately thefinancial need balanced against current resources.  Initiating the right strategies now can helpto accumulate and preserve funds over the grantor's lifetime.
Administration- This is arguably the most critical step as its 90% of the plan.  This covers the execution of the plan.  The key to successful administration is thedistribution plan set out in the Special Needs Trust.  The distribution plan is critical to gettingthe right people in place with the necessary funds to execute the care planwhen you are no longer around to oversee caregivers and hold them accountable.

InPart II, we will discuss some of the important documentation you will need tocollect when accomplishing Special Needs Estate Planning.
InPart III we will present the basics of "Trusts" including what is atrust, and the types of trusts to be considered in your planning.
PartIV will talk about the qualifications and experience of the experts you partnerwith to complete this process.
PartV will be a primer on selecting a trustee to manage your plan.
PartVI lays out a road-map for completing a basic plan.
PartVII will discuss the elements of a complete plan.
Asalways, feel free to contact our offices at (585) 235-0980 to discuss anyquestions or comments.  Also, visit ourwebsite at www.CiminelliLaw.com