Part II - Gathering Information Necessary for a Special Needs Estate Plan

In Part I, we discussed the basic steps and considerations for a Special Needs Estate Plan.  In Part II, you will find further clarification of beneficiary 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.  Start by analyzing the key people who are involved:

The Beneficiary - How severely disabled?  Currently on public 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

Parents should discuss the Beneficiary’s needs and each-other's ideas about his or her future.  If the beneficiary is capable, he or she should contribute his/her desires and ideas.  Evaluate wider family support network for capable people you can trust and depend on to play key roles.

Start developing a profile of the Beneficiary - physical, mental, medical, public benefits, living situation, employment options, family support, friends, resources, etc.

 Here are examples of the information you will need to document during the process:

·       Personal Information: Name, Date of birth, SSN, Parents' information;

·       Your most important objectives for the Beneficiary;

·       Beneficiary's diagnosis and level of functioning, medications;

·       Special health care considerations, diet, special equipment;

·       Current Health care providers' information;

·       List all public benefits (SSI, SSDI, VA, state services) that the Beneficiary is currently receiving: (Type of Benefit and Dollar Amount);

·       Does Beneficiary have any assets in his/her name?;
If yes, what is the asset and the monetary value;

·       Other family members or advocates involved with the Beneficiary, who you can expect to continue to be involved in the future in various roles;

·       Housing options: Current, desired;

·       Current social/recreational activities;

·       Current financial resources available for the future plan;

Once you have collected this beneficiary information and have, thought about the issues raised above you will be one step closer to being able to prepare a Special Needs Estate Plan for your loved one.

In Part III we will present the basics of "Trusts" including what is a trust, and the types of trusts to be considered in your planning.

As always, feel free to contact our offices at (585) 235-0980 to discuss any questions or comments.  Also, visit our website at www.CiminelliLaw.com.