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InPart I, we discussed the basic steps and considerations for a SpecialNeeds Estate Plan. In Part II, you will find further clarification ofbeneficiary information that needs to be available as you begin work on the plan.
In preparing any plan one must consider all who may be affected by or participate in the plan. A good way to organize your thoughts are to consider the three key players in any plan. Startby analyzing the key people who are involved:
The Beneficiary- How severely disabled? Currently onpublic benefits? Current housing? Support Network?The Parents- How old? How healthy? When should the trust be set up? Financial resources? Other children?The Trustee- Siblings? Corporate Trustee? Co-Trustees? Trust Protectors
Parentsshould discuss the Beneficiary’s needs and each-other's ideas about his or herfuture. If the beneficiary is capable,he or she should contribute his/her desires and ideas. Evaluate wider family support network forcapable people you can trust and depend on to play key roles.Startdeveloping a profile of the Beneficiary - physical, mental, medical, publicbenefits, living situation, employment options, family support, friends,resources, etc.
Hereare examples of the information you will need to document during the process:
· PersonalInformation: Name, Date of birth, SSN, Parents' information;· Your mostimportant objectives for the Beneficiary;· Beneficiary'sdiagnosis and level of functioning, medications;· Special healthcare considerations, diet, special equipment;· Current Healthcare providers' information;· List all publicbenefits (SSI, SSDI, VA, state services) that the Beneficiary is currentlyreceiving: (Type of Benefit and Dollar Amount);· Does Beneficiaryhave any assets in his/her name?;
If yes, what is the asset and the monetary value;· Other familymembers or advocates involved with the Beneficiary, who you can expect tocontinue to be involved in the future in various roles;· Housing options:Current, desired;· Currentsocial/recreational activities;· Current financialresources available for the future plan;
Onceyou have collected this beneficiary information and have, thought about the issues raised aboveyou will be one step closer to being able to prepare a Special Needs Estate Planfor your loved one.
InPart III we will present the basics of "Trusts" including what is atrust, and the types of trusts to be considered in your planning.
Asalways, feel free to contact our offices at (585) 235-0980 to discuss anyquestions or comments. Also, visit ourwebsite at www.CiminelliLaw.com.
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