Re: Life planning or trust?

[Guest guest]

: We have an attorney who specializes in

estate planning and he set up a special needs trust

for our boys. At the same time, we did our wills,

living wills, a family trust, guardianship for the

boys and assigned a financial administrator (separate

from the boy's guardians). I'm not exactly sure just

what a " life planner " does, but my first impression is

if you have to also meet w/an attorney then you may

just be adding more costs to what you could get

straight from an estate planning attorney (make sure

what ever attorney you do choose is well versed in

" special needs trusts " . Not all estate attorneys

are). Right after we had all this legal stuff done,

our local DS support group had one of their quarterly

meetings on estate planning for special needs. The

seminar was given by an estate planner here in Dallas

whose firm only handles special needs planning. We

had done exactly what he said we needed to do.

Unfortunately, we found out his organization charges

considerably less than what we had already paid our

attorney ($350.00 vs. about $1,000). Maybe you could

check w/your local support group to see if there is a

similar group in your area?

The main thing we learned is that the boys can have no

assets (money or anything else) in their name that

value of $2,000, or they will not qualify for any kind

of gov't assistance (ssi/medicaid) when they turn 18.

We have also instructed our families not to name the

boys in any inheritances. We did have small bank

accounts for the boys (birthday/christmas $$, etc) but

quickly closed those accounts and switched them into

an account in our names only. Another thing to

consider is making sure that anything that requires a

beneficiary designation (i.e., insurance, retirement

plans, etc) gets changed so that the trust is the

beneficiary, not the child. I believe that this also

will help with any taxes too, but don't quote me (each

state is different). If you want, I can try to find

the name and telephone number for the group in Dallas

and you can call them to see if they can recommend a

similar organization in your area (they may even do

this all over, I don't know).

Hope this helps!

Judi-Mom to Sam & , 4, Identical Twins

__________________________________________________

[Guest guest]

I kind of thought that the life planner was a redundancy after she said we had to meet with the attorney. I will find some one who is a specialist. You have given lots of good info. It sounds like we need to have a talk with the boys grandparents also. I actually met the life planner through our local support group. She works with the local attorney who does the special needs trust. I wonder if I can find some one not associated with her? Thanks! mom to Amy 13, Kelsey 11, Davey (DS) 15 months, and Will 15 months Re: Life planning or trust? : We have an attorney who specializes inestate planning and he set up a special needs trustfor our boys. At the same time, we did our wills,living wills, a family trust, guardianship for theboys and assigned a financial administrator (separatefrom the boy's guardians). I'm not exactly sure justwhat a "life planner" does, but my first impression isif you have to also meet w/an attorney then you mayjust be adding more costs to what you could getstraight from an estate planning attorney (make surewhat ever attorney you do choose is well versed in"special needs trusts". Not all estate attorneysare). Right after we had all this legal stuff done,our local DS support group had one of their quarterlymeetings on estate planning for special needs. Theseminar was given by an estate planner here in Dallaswhose firm only handles special needs planning. Wehad done exactly what he said we needed to do.Unfortunately, we found out his organization chargesconsiderably less than what we had already paid ourattorney ($350.00 vs. about $1,000). Maybe you couldcheck w/your local support group to see if there is asimilar group in your area?The main thing we learned is that the boys can have noassets (money or anything else) in their name thatvalue of $2,000, or they will not qualify for any kindof gov't assistance (ssi/medicaid) when they turn 18.We have also instructed our families not to name theboys in any inheritances. We did have small bankaccounts for the boys (birthday/christmas $$, etc) butquickly closed those accounts and switched them intoan account in our names only. Another thing toconsider is making sure that anything that requires abeneficiary designation (i.e., insurance, retirementplans, etc) gets changed so that the trust is thebeneficiary, not the child. I believe that this alsowill help with any taxes too, but don't quote me (eachstate is different). If you want, I can try to findthe name and telephone number for the group in Dallasand you can call them to see if they can recommend asimilar organization in your area (they may even dothis all over, I don't know).Hope this helps!Judi-Mom to Sam & , 4, Identical Twins__________________________________________________

[Guest guest]

,

We used an attorney that specialized in special needs trusts.

If the life planner gave you an attorney's name then contact

the attorney directly. Will tell you that my husband and I did

the same thing that Judi did and the cost was around $1000.00,

there is no need to add another $700 to that.

Try contacting your local ARC, they should have information on

attorney's that specialize with special needs trusts. They should

also be able to tell you the relative cost. This is were we

got our information. Also, check with the PIE organization, ours

also had the same information that the ARC had.

Katy

mom to 4 and twins and Tyler(DS)19months

[Guest guest]

Casey: I'd go with the Special Needs Trust. You are right that it

is exempt from being called an " asset " for SSI purposes. It is

specifically written so that the child is still entitled to any

goverment benefits (i.e. SSI, etc.) and is worded such that the

contents of the trust are used to " supplement " whatever benefits they

may receive in order to maintain their current lifestyle. I don't

think it matters in which state you have the trust written.

The name of the Life Planner who's seminar we attended here in Dallas

was: Ben R. lin, his company's name is Planning for Persons with

Disabilities, Inc., 7557 Rambler Road, Suite 500, Dallas, TX 75231,

telephone (214) 750-3932. His rates were very, very, reasonable for

all that he does (set up the trust, assign financial trustee,

guardianship, etc.) We had already had an attorney who specializes in

estate planning set all this up for us before we attended this seminar

and we paid almost 3X's what this guy charges!!

I'm not sure whether he only works in Texas but I'm sure he must have

some contacts with his counterparts around the country.

Good luck!

Judi-Mom to Sam & , 4, identical twins

>

> Judi, Katy and others,

>

> A few months ago there were several emails about special needs

trusts and

> estate planning. I saved at least a couple of the messages even

though I had

> no plans at the time to set anything up.

>

> Things have changed a little, in that " big " left the 3 of

us some

> money and I now want to set up trusts for each of the kids. My

sister is

> going to act as the trustee (for ssi reasons) and will set up the

trusts in

> California, where she lives. We will be trying to find an attorney

-- Judi,

> I was wondering if you had the name and number of the group in

Dallas that

> did the seminar you mentioned. Maybe they could direct me to

someone in my

> sister's area. Also, I somehow thought that " special needs trusts "

were

> exempt from the SSI " assets " . Am I wrong? Should I just put the

whole

> amount in 's name and use it for both kids? I don't want to

put any

> of 's current or future assistance in jeopardy, and am

jumping

> though hoops to try to keep the programs we have, even with this

money coming

> into our lives. I value your input, as well as that of anyone else

who has

> things to add.

>

> Thanks a lot!

> Casey, mom to (DS) and , 21mo.