This document summarizes information about special needs planning from a presentation by Calfee, Halter & Griswold LLP. It discusses the prevalence of disabilities in the US population and common terms used in special needs planning such as special needs trusts. It provides an overview of programs that can provide support like SSI and Medicaid and outlines strategies for estate planning for individuals with special needs. The presentation emphasizes the importance of special needs planning to ensure long-term financial security and care for disabled beneficiaries.
This document discusses planning and financial strategies for families with a loved one who has a disability. It recommends establishing a special needs trust to provide lifetime care and maintain eligibility for public benefits. A special needs trust can be funded through gifts, assets on death, and life insurance proceeds paid directly to the trust. This ensures the disabled family member has resources for supplemental needs while preserving eligibility for Medicaid and SSI benefits.
This document discusses planning and financial strategies for families with a loved one who has a disability. It recommends establishing a special needs trust to provide lifetime care and maintain eligibility for public benefits. A special needs trust can be funded through gifts, assets on death, and life insurance proceeds paid directly to the trust. This ensures the disabled family member has resources for supplemental needs while preserving eligibility for Medicaid and SSI benefits.
At Price & Kelway we get the job done, expertly.
Our clients are businesses and individuals who value clear advice and affordable solutions. They trust our team of specialist solicitors to provide the best legal support, whenever and wherever it is needed.
And we deliver, every time
Our philosophy is simple. Clients deserve legal support which is clear, within budget and effective. So we promise three things:
- Solicitors who speak your language
- Value for money and no hidden charges
- Solutions
Jack Boston is a financial advisor at Allied Wealth Partners in Parsippany, NJ. The document discusses the benefits of working with a financial advisor and provides an overview of the services they can provide. It addresses common misconceptions that financial advisors are only for the wealthy or that their advice is too expensive. Finally, it outlines situations such as marriage, having children, retirement, or inheritance that may prompt someone to consult with a financial advisor to develop a comprehensive financial plan.
The document discusses final expense planning and funeral pre-planning. It notes that 34% of Americans aged 50+ have preplanned their own funeral and 24% have prepaid some funeral expenses. It then outlines common options for paying for a funeral such as life insurance, savings, loans, or relying on family, but notes a better option is a funeral expense trust. The trust allows prefunding of funeral costs and protects the funds from creditors or consideration for Medicaid eligibility. The document provides an overview of average funeral costs and how an irrevocable funeral trust works to prepay costs and avoid probate.
The document discusses the challenges that charities will face due to the credit crunch and volatile financial markets. It states that demand for charity services will increase while funding decreases, and some charities may face insolvency. Trustees are advised to review financial positions and cash flow forecasts, ensure diversified investment portfolios, and consider mergers or restructuring to prevent failure in the difficult economic environment. Charities are encouraged to seek specialist advice to minimize risks and losses during this challenging time for the charitable sector.
This document discusses planning and financial strategies for families with a loved one who has a disability. It recommends establishing a special needs trust to provide lifetime care and maintain eligibility for public benefits. A special needs trust can be funded through gifts, assets on death, and life insurance proceeds paid directly to the trust. This ensures the disabled family member has resources for supplemental needs while preserving eligibility for Medicaid and SSI benefits.
This document discusses planning and financial strategies for families with a loved one who has a disability. It recommends establishing a special needs trust to provide lifetime care and maintain eligibility for public benefits. A special needs trust can be funded through gifts, assets on death, and life insurance proceeds paid directly to the trust. This ensures the disabled family member has resources for supplemental needs while preserving eligibility for Medicaid and SSI benefits.
At Price & Kelway we get the job done, expertly.
Our clients are businesses and individuals who value clear advice and affordable solutions. They trust our team of specialist solicitors to provide the best legal support, whenever and wherever it is needed.
And we deliver, every time
Our philosophy is simple. Clients deserve legal support which is clear, within budget and effective. So we promise three things:
- Solicitors who speak your language
- Value for money and no hidden charges
- Solutions
Jack Boston is a financial advisor at Allied Wealth Partners in Parsippany, NJ. The document discusses the benefits of working with a financial advisor and provides an overview of the services they can provide. It addresses common misconceptions that financial advisors are only for the wealthy or that their advice is too expensive. Finally, it outlines situations such as marriage, having children, retirement, or inheritance that may prompt someone to consult with a financial advisor to develop a comprehensive financial plan.
The document discusses final expense planning and funeral pre-planning. It notes that 34% of Americans aged 50+ have preplanned their own funeral and 24% have prepaid some funeral expenses. It then outlines common options for paying for a funeral such as life insurance, savings, loans, or relying on family, but notes a better option is a funeral expense trust. The trust allows prefunding of funeral costs and protects the funds from creditors or consideration for Medicaid eligibility. The document provides an overview of average funeral costs and how an irrevocable funeral trust works to prepay costs and avoid probate.
The document discusses the challenges that charities will face due to the credit crunch and volatile financial markets. It states that demand for charity services will increase while funding decreases, and some charities may face insolvency. Trustees are advised to review financial positions and cash flow forecasts, ensure diversified investment portfolios, and consider mergers or restructuring to prevent failure in the difficult economic environment. Charities are encouraged to seek specialist advice to minimize risks and losses during this challenging time for the charitable sector.
Investors Group is a Canadian financial services company that has been operating since 1926. It serves approximately one million Canadians through over 400 offices across Canada. Investors Group offers a wide range of financial products and services to both individuals and corporations, including short-term products like checking and savings accounts, long-term lending products like mortgages and loans, and investment and retirement planning products like mutual funds, RRSPs, and tax-advantaged funds. The company takes a personalized approach to financial planning and advice to help clients achieve their financial goals.
This document provides information about Investors Group, a Canadian financial services company that has been operating since 1926. It offers a wide range of financial products and services including short-term banking, lending, insurance, investment products, and retirement planning services. The document emphasizes that Investors Group provides personalized financial advice and planning to help clients achieve their financial goals and prepare for challenges throughout their lifetime. It highlights the value of financial advice and having a coordinated financial plan.
This document provides information about Investors Group, a Canadian financial services company that has been operating since 1926. It offers a wide range of financial products and services including short-term banking, lending, insurance, investment products, and retirement planning services. The document emphasizes that Investors Group provides personalized financial advice and planning to help clients achieve their financial goals and prepare for challenges throughout their lifetime. It highlights the value of financial advice and having a coordinated financial plan.
WFRE Richard Daugherty PSYCOLOGY OF MONEYBrian Banks
This document summarizes a presentation about planned giving and using life insurance for donors. It discusses different types of donors and their motivations. It also discusses challenges advisors and donors face regarding planned giving and how education can help. Specific planned giving options are presented, including using life insurance by naming a charity as a beneficiary. A case study demonstrates how a term life insurance policy or whole life policy could provide a donation. Other options like GICs, GIAs, and leveraged giving are also briefly covered. The presentation aims to provide donors with information to make planned giving part of their financial and estate plans.
This document summarizes two current estate planning topics - tools for mental incapacity planning like enduring powers of attorney and representation agreements, and what happens to registered education savings plans (RESPs) at the death of the subscriber. It discusses the key features and considerations for each of these tools, such as who to appoint as an attorney or representative, when their powers become effective, and how to structure RESPs to avoid termination upon death through strategies like naming a successor subscriber or placing the RESP in a testamentary trust.
Household Capital was formed to improve retirement outcomes for Australian retirees by helping them access home equity. Their mission is to help retirees "Live Well At Home" through retirement. The white paper analyzes why traditional approaches to accessing home equity like reverse mortgages have failed retirees and identifies an opportunity for innovative approaches. Household Capital has developed a new model of home equity lending that integrates access to home equity with retirement planning to allow retirees to responsibly tap into this source of savings over the long term. The model aims to address inadequacies in typical retirement incomes and help retirees meet needs like home renovations through flexible use of home equity.
This document summarizes a client's current financial situation, including:
- Current life insurance policies for the client and spouse.
- Debts, income, mortgage, and education details.
- Assets categorized as taxable, tax-deferred, or tax-advantaged and how the client intends to use each asset.
- Personal details for the client and spouse such as names, dates of birth, employment, and retirement goals.
The document appears to be from a financial advisor seeking to provide an overview of a client's finances and recommendations to improve their financial independence and planning.
This pamphlet which is based on Wisconsin law is issued to inform and not to advise. No person should ever apply or interpret any law without the aid of a trained expert who knows the facts, because the facts may change the application of the law.
AEF Program Description & Application 2016-11erickinaitis
This document provides an overview and description of donor advised funds through American Endowment Foundation. It discusses that donor advised funds allow donors to enjoy tax benefits from charitable donations while having flexibility in grantmaking. Donors can name an advised fund, recommend investments, and specify a succession plan. The foundation aims to be a trusted resource for donors to achieve their philanthropic goals through an independent donor advised fund program.
Guardianship provides legal protection for those unable to make their own decisions by appointing a guardian to make financial, medical, and residential choices on their behalf. Guardians are responsible for filing annual reports with the court and determining the ward's place of residence. While guardianship is essential for some, others may not need full guardianship, instead using powers of attorney, representative payees, trusts, or other less restrictive options to get assistance when required.
Megan Brand and Susie Germany: Planning for the future needs of your loved on...Ursula Webhofer
The document summarizes a presentation given on planning for the future needs of loved ones with disabilities. It provides an overview of Social Security, Medicaid, and other benefits programs. It discusses the use of trusts to protect benefits eligibility and outlines different types of trusts including first party, third party, pooled, and ABLE trusts. The presentation covers topics like guardianship, estate planning, and what expenses trusts can be used for. Representatives from CFPD and The Germany Law Firm were available to answer questions.
Carnahan Advisors presents Divorce 101, which identifies the types and costs of divorce, marital vs. non-marital assets, alimony structures, child support guidelines, and all of the crucial tangible and intangible aspects you need to be aware of before finalizing your divorce.
Carnahan Advisors presents, Divorce 101, which identifies the types and costs of divorce, marital vs. non-marital assets, alimony structures, child support guidelines, and all of the crucial tangible and intangible aspects you need to be aware of before finalizing your divorce.
This document compares different types of charitable giving accounts, including community foundations, donor advised funds through financial institutions, personal/family foundation accounts, and private foundations. It outlines the key differences between each type of account in areas such as set-up costs, minimum funding amounts, personal administration requirements, investment management, granting policies, and other features. The document provides a high-level overview to help donors determine which type of charitable giving vehicle is the best fit based on their philanthropic goals and preferences.
This document discusses protecting yourself as your most valuable asset through insurance with GREENLIGHT. It notes that while people work hard to provide for their families, they often don't consider what would happen if they were unable to work. GREENLIGHT insurance offers various plans to protect individuals' and businesses' incomes and livelihoods against risks such as death, disability, critical illness, and temporary or permanent inability to work. It highlights benefits like cash payments for needs, monthly income payments, savings options, and business protection.
The EB-5 visa program provides a path to US permanent residency for foreign investors who invest $1 million or $500,000 in targeted areas and create 10 jobs. It offers benefits like green cards for family members and a path to citizenship. Regional centers designate economic projects and areas that need investment to promote job creation. The process takes around 6-8 months from application to receiving a conditional green card, with removal of conditions after 2 years if investment requirements are met. Common issues involve proving source of funds so thorough documentation is important.
Final-Estate Planning New Asset Protection Opportunities Presentation at Gre...James Singler
This document discusses various asset protection techniques that individuals and businesses can use to mitigate legal risks and protect assets. It outlines traditional protections like liability insurance that have drawbacks, then describes strategies like investing in exempt assets, using limited liability entities, and establishing domestic or offshore asset protection trusts. A key technique discussed is the Ohio Legacy Trust, which allows individuals to transfer assets to an irrevocable trust and remain beneficiaries while protecting the assets from future creditors under certain conditions.
This document discusses special needs trusts and how they can provide financial support for disabled individuals. It notes that planning for the future care of a disabled loved one is best done now rather than later. It then provides details on how special needs trusts work, including that they allow government benefits to continue while providing supplementary funds, and are typically funded through cash, assets, retirement accounts or life insurance. The document recommends consulting an experienced estate planning attorney to properly establish a legally valid special needs trust tailored to an individual's needs and situation.
This document provides examples of Medicaid planning strategies for individuals and married couples needing long-term care. It discusses establishing legal documents like powers of attorney, living wills, and trusts. It then gives scenarios for transferring assets to irrevocable trusts to qualify for Medicaid while protecting assets from the five-year look back period. Strategies include transferring homes, brokerage accounts, and converting assets to Medicaid-compliant annuities to cover long-term care costs.
The document provides an overview of topics related to elder law and planning for seniors, including legal assistance programs, documentation needed for planning, authority issues, long-term care levels and payment options, Medicaid eligibility, special needs planning, probate, estate administration, and funeral planning. It discusses the Older Americans Act legal assistance program, powers of attorney, guardianships, Medicaid income and resource limits, transfers of assets, and avoiding probate through tools like living trusts, life gifts, joint ownership, and beneficiary designations.
Investors Group is a Canadian financial services company that has been operating since 1926. It serves approximately one million Canadians through over 400 offices across Canada. Investors Group offers a wide range of financial products and services to both individuals and corporations, including short-term products like checking and savings accounts, long-term lending products like mortgages and loans, and investment and retirement planning products like mutual funds, RRSPs, and tax-advantaged funds. The company takes a personalized approach to financial planning and advice to help clients achieve their financial goals.
This document provides information about Investors Group, a Canadian financial services company that has been operating since 1926. It offers a wide range of financial products and services including short-term banking, lending, insurance, investment products, and retirement planning services. The document emphasizes that Investors Group provides personalized financial advice and planning to help clients achieve their financial goals and prepare for challenges throughout their lifetime. It highlights the value of financial advice and having a coordinated financial plan.
This document provides information about Investors Group, a Canadian financial services company that has been operating since 1926. It offers a wide range of financial products and services including short-term banking, lending, insurance, investment products, and retirement planning services. The document emphasizes that Investors Group provides personalized financial advice and planning to help clients achieve their financial goals and prepare for challenges throughout their lifetime. It highlights the value of financial advice and having a coordinated financial plan.
WFRE Richard Daugherty PSYCOLOGY OF MONEYBrian Banks
This document summarizes a presentation about planned giving and using life insurance for donors. It discusses different types of donors and their motivations. It also discusses challenges advisors and donors face regarding planned giving and how education can help. Specific planned giving options are presented, including using life insurance by naming a charity as a beneficiary. A case study demonstrates how a term life insurance policy or whole life policy could provide a donation. Other options like GICs, GIAs, and leveraged giving are also briefly covered. The presentation aims to provide donors with information to make planned giving part of their financial and estate plans.
This document summarizes two current estate planning topics - tools for mental incapacity planning like enduring powers of attorney and representation agreements, and what happens to registered education savings plans (RESPs) at the death of the subscriber. It discusses the key features and considerations for each of these tools, such as who to appoint as an attorney or representative, when their powers become effective, and how to structure RESPs to avoid termination upon death through strategies like naming a successor subscriber or placing the RESP in a testamentary trust.
Household Capital was formed to improve retirement outcomes for Australian retirees by helping them access home equity. Their mission is to help retirees "Live Well At Home" through retirement. The white paper analyzes why traditional approaches to accessing home equity like reverse mortgages have failed retirees and identifies an opportunity for innovative approaches. Household Capital has developed a new model of home equity lending that integrates access to home equity with retirement planning to allow retirees to responsibly tap into this source of savings over the long term. The model aims to address inadequacies in typical retirement incomes and help retirees meet needs like home renovations through flexible use of home equity.
This document summarizes a client's current financial situation, including:
- Current life insurance policies for the client and spouse.
- Debts, income, mortgage, and education details.
- Assets categorized as taxable, tax-deferred, or tax-advantaged and how the client intends to use each asset.
- Personal details for the client and spouse such as names, dates of birth, employment, and retirement goals.
The document appears to be from a financial advisor seeking to provide an overview of a client's finances and recommendations to improve their financial independence and planning.
This pamphlet which is based on Wisconsin law is issued to inform and not to advise. No person should ever apply or interpret any law without the aid of a trained expert who knows the facts, because the facts may change the application of the law.
AEF Program Description & Application 2016-11erickinaitis
This document provides an overview and description of donor advised funds through American Endowment Foundation. It discusses that donor advised funds allow donors to enjoy tax benefits from charitable donations while having flexibility in grantmaking. Donors can name an advised fund, recommend investments, and specify a succession plan. The foundation aims to be a trusted resource for donors to achieve their philanthropic goals through an independent donor advised fund program.
Guardianship provides legal protection for those unable to make their own decisions by appointing a guardian to make financial, medical, and residential choices on their behalf. Guardians are responsible for filing annual reports with the court and determining the ward's place of residence. While guardianship is essential for some, others may not need full guardianship, instead using powers of attorney, representative payees, trusts, or other less restrictive options to get assistance when required.
Megan Brand and Susie Germany: Planning for the future needs of your loved on...Ursula Webhofer
The document summarizes a presentation given on planning for the future needs of loved ones with disabilities. It provides an overview of Social Security, Medicaid, and other benefits programs. It discusses the use of trusts to protect benefits eligibility and outlines different types of trusts including first party, third party, pooled, and ABLE trusts. The presentation covers topics like guardianship, estate planning, and what expenses trusts can be used for. Representatives from CFPD and The Germany Law Firm were available to answer questions.
Carnahan Advisors presents Divorce 101, which identifies the types and costs of divorce, marital vs. non-marital assets, alimony structures, child support guidelines, and all of the crucial tangible and intangible aspects you need to be aware of before finalizing your divorce.
Carnahan Advisors presents, Divorce 101, which identifies the types and costs of divorce, marital vs. non-marital assets, alimony structures, child support guidelines, and all of the crucial tangible and intangible aspects you need to be aware of before finalizing your divorce.
This document compares different types of charitable giving accounts, including community foundations, donor advised funds through financial institutions, personal/family foundation accounts, and private foundations. It outlines the key differences between each type of account in areas such as set-up costs, minimum funding amounts, personal administration requirements, investment management, granting policies, and other features. The document provides a high-level overview to help donors determine which type of charitable giving vehicle is the best fit based on their philanthropic goals and preferences.
This document discusses protecting yourself as your most valuable asset through insurance with GREENLIGHT. It notes that while people work hard to provide for their families, they often don't consider what would happen if they were unable to work. GREENLIGHT insurance offers various plans to protect individuals' and businesses' incomes and livelihoods against risks such as death, disability, critical illness, and temporary or permanent inability to work. It highlights benefits like cash payments for needs, monthly income payments, savings options, and business protection.
The EB-5 visa program provides a path to US permanent residency for foreign investors who invest $1 million or $500,000 in targeted areas and create 10 jobs. It offers benefits like green cards for family members and a path to citizenship. Regional centers designate economic projects and areas that need investment to promote job creation. The process takes around 6-8 months from application to receiving a conditional green card, with removal of conditions after 2 years if investment requirements are met. Common issues involve proving source of funds so thorough documentation is important.
Final-Estate Planning New Asset Protection Opportunities Presentation at Gre...James Singler
This document discusses various asset protection techniques that individuals and businesses can use to mitigate legal risks and protect assets. It outlines traditional protections like liability insurance that have drawbacks, then describes strategies like investing in exempt assets, using limited liability entities, and establishing domestic or offshore asset protection trusts. A key technique discussed is the Ohio Legacy Trust, which allows individuals to transfer assets to an irrevocable trust and remain beneficiaries while protecting the assets from future creditors under certain conditions.
This document discusses special needs trusts and how they can provide financial support for disabled individuals. It notes that planning for the future care of a disabled loved one is best done now rather than later. It then provides details on how special needs trusts work, including that they allow government benefits to continue while providing supplementary funds, and are typically funded through cash, assets, retirement accounts or life insurance. The document recommends consulting an experienced estate planning attorney to properly establish a legally valid special needs trust tailored to an individual's needs and situation.
This document provides examples of Medicaid planning strategies for individuals and married couples needing long-term care. It discusses establishing legal documents like powers of attorney, living wills, and trusts. It then gives scenarios for transferring assets to irrevocable trusts to qualify for Medicaid while protecting assets from the five-year look back period. Strategies include transferring homes, brokerage accounts, and converting assets to Medicaid-compliant annuities to cover long-term care costs.
The document provides an overview of topics related to elder law and planning for seniors, including legal assistance programs, documentation needed for planning, authority issues, long-term care levels and payment options, Medicaid eligibility, special needs planning, probate, estate administration, and funeral planning. It discusses the Older Americans Act legal assistance program, powers of attorney, guardianships, Medicaid income and resource limits, transfers of assets, and avoiding probate through tools like living trusts, life gifts, joint ownership, and beneficiary designations.
The 9 most common myths of Medicaid and Medicaid PlanningMark Heffner
Presented to the Rhode Island chapter of the Alzheimer's Association on Oct. 3, 2013. This talk was Part 4 of the "Getting Started Education Series", given at The Highlands on the East Side, in Providence, RI.
This document provides an overview of Medicaid eligibility rules and planning presented from the perspective of Rhode Island law. It defines Medicaid and distinguishes it from Medicare, explains why long-term care planning is important given the high costs of nursing home care. It outlines the rules for treatment of income and resources for single individuals and married couples, including exceptions and allowances. It also discusses transfer of asset rules and penalties as well as estate recovery requirements.
Estate and business planning lawyer, Melanie McDonald walks people through the top things they should be aware of when doing their estate and business planning.
Choosing Your Estate Personal RepresentativeBill Taylor
This document discusses the role and responsibilities of a personal representative (PR), who is responsible for settling a deceased person's estate. It explains that choosing a PR is important as it can mean the difference between a smooth or problematic estate settlement. The duties of a PR include locating important documents, notifying relevant parties, managing assets, paying debts and taxes, and distributing assets to beneficiaries. Qualities of a good PR include availability, trustworthiness, and relevant skills. The document provides questions to consider when choosing a PR and recommends notifying your chosen representative.
Social Security, Medicare and your RetirementBlain Bogar
This seminar will explain how Social Security and Medicare work, what is being done to ensure their survival, and how you can help clients and prospects plan for their retirement and medical care so that they do not have to rely heavily on either program.
This document provides guidance on qualifying a client for Medicaid benefits. It outlines the key steps in determining eligibility, which include reviewing the client's goals, economic status, income, assets, transfers of assets in the last 5 years, living situation, health insurance coverage, and dependents. Eligibility is based on having income at or below 64% of the federal poverty level and countable assets at or below $1,500 for an individual or $2,250 for a couple. The document also discusses the transfer of asset rules and period of ineligibility if assets were transferred within the last 5 years.
This document provides information about estate planning and different options for managing assets and medical care wishes. It discusses the benefits of setting up a living trust versus a will. A living trust allows assets to avoid probate and provides for distributions over an individual's lifetime or after their death. It also covers forms like advance health care directives to document end-of-life medical wishes. Overall, the document encourages individuals to engage in estate planning to ensure their assets and wishes are handled according to their preferences.
Fredrick P. Niemann offers an overview of Medicaid eligibility and planning for long-term care. He discusses the income and asset limits for Medicaid and notes that preserving assets and providing quality long-term care are key goals of planning. Various strategies are presented to potentially protect assets, such as transferring assets outside of the 5-year lookback period, converting countable assets to non-countable assets, and using trusts, annuities or care agreements. A case example is also provided to demonstrate potential planning approaches.
Michael Kloekner from Clime Asset Management discusses strategies for SMSFs and estate planning. He covers SMSF structuring using individual versus corporate trustees. Estate planning strategies like testamentary trusts and binding death benefit nominations are explained. The importance of powers of attorney, especially enduring powers of attorney, is highlighted to ensure your financial affairs can be managed if you lose capacity. Case studies demonstrate how these strategies can help with tax minimization, asset protection, and allowing your wishes to be followed in the event of incapacity or death.
This document discusses estate planning essentials and strategies for 2020 and beyond. It outlines common estate planning mistakes like relying only on simple wills or joint accounts instead of proper planning. Key documents like powers of attorney, health care proxies, wills and revocable trusts are discussed. The benefits of revocable and irrevocable trusts are summarized. Estate and gift tax rules are reviewed for federal and Massachusetts law. Strategies for lifetime gifting, charitable giving, and planning for retirement accounts after the SECURE Act are provided. Recent impacts of the CARES Act on required minimum distributions are also covered.
Stella Shvil explains the role and responsibilities of a professional fiduciary, particularly as it pertains to helping prevent elder abuse. Stella spoke during the Glenner Symposium on Elder Abuse and Neglect Training for professionals on June 7, 2013.
This document provides an outline and presentation on avoiding estate planning regrets through careful planning and consideration of case studies. It discusses common issues that can lead to regrets such as stale documents due to life changes, uncertainty around assets and liabilities, and unintended tax consequences. Specific scenarios are presented on problems that can arise from the premature death of an adult child, changes in a client's net worth, handling personal and real property, and entity loans. The document also covers disclaimer planning, formula clauses like pecuniary vs fractional, and critical trust provisions. The goal is to help estate planners prevent regrets by considering different situations and communicating extensively with clients.
In this webinar, Marty Ford, Senior Executive Officer of Public Policy with The Arc of the United States, discusses:
* What is the ABLE Act?
* Is the ABLE Act for everybody?
* How will I know if it’s right for me?
* What can ABLE funds be used for?
* How do I sign up?
* When will it start?
Salford discretionary support scheme and other grants, awards & loans 4/12/14DaleEccleston
Here are three potential candidates who may qualify for assistance from the Council Tax Discretionary Fund:
1. A person who recently lost their job and is struggling to pay their council tax while waiting for their universal credit or jobseeker's allowance claim to be processed.
2. A household that has had their council tax support reduced due to welfare reforms and is now facing financial hardship as a result of the increased tax burden.
3. A low-income family with children where the number of children or childcare costs have changed, affecting their council tax liability and putting them in extreme financial difficulty.
The fund is intended to help those experiencing extreme hardship due to changes in their council tax liability or welfare benefits. People undergoing
The document discusses issues corporate trustees encounter when administering trusts and estates, and provides suggestions for estate planning attorneys. It recommends including details about dependents' needs during administration, beneficiaries' contact information, plans for concentrated assets, instructions on distributing tangible property, and tax apportionment clauses. It also suggests planning now while estate and gift tax exclusions are high given potential future tax law changes.
Similar to Special Needs, 4-29-2015 Presentation (03047766x7A241) (20)
Special Needs, 4-29-2015 Presentation (03047766x7A241)
1. James A. Singler
Calfee, Halter & Griswold LLP
513.693.4875
jsingler@calfee.com
Calfee, Halter & Griswold LLP, 2800 First Financial Center, 255 East Fifth Street, Cincinnati, Ohio 45202
Cincinnati | Cleveland | Columbus | Calfee.com
Special Needs
Planning
2. Introduction
Calfee, Halter & Griswold LLP 1
Disability
• 2% of U.S. population born with disability or later becomes disabled
• Mental retardation, cerebral palsy, epilepsy
• Autism at epidemic proportions
• Veterans injured at war
• Terminology: “Special Needs” is the commonly accepted term
• Use of the word “typical” instead of “normal”
• What will happen to my child when I am no longer here?
•Note: Data derived from the Ohio State Bar Association
3. Special Needs Planning
Calfee, Halter & Griswold LLP
Common Terms
• Special Needs Trust : A general term to describe a Trust which is for a
special needs beneficiary, but there are various types
• Medicaid Payback Trust: 42 USC § 1396p(d)(4)(A). Also known as
a “(d)(4)(A) Trust” or a “Payback Trust.”
• Pooled Medicaid Payback Trust
• Supplemental Services Trust
• Third Party Trust: Trust created by one party for the benefit of
another
• Wholly Discretionary Trust: Terminology of the Ohio Trust Code
2
4. Medicaid Payback Trust
Calfee, Halter & Griswold LLP 3
•Statute states that the assets of a (d)(4)(A) Trust are not countable if
the Trust meets the following requirements
•Trust funded with the assets of a person who is under age 65
•The Trust is established for the benefit of such individual by a
parent, grandparent, legal guardian or the court; and
•The State will receive all amounts remaining in the trust upon
the death of such individual up to an amount paid by Medicaid
•These Trusts are useful where a disabled person receives an
unexpected windfall
•Not a good mechanism for small sums of money
5. Pooled Trust (d)(4)(C) Trusts
Calfee, Halter & Griswold LLP 4
• Good tool for small sums of money
• Similar to Medicaid Payback Trust
• Funded with the assets of the disabled person
• Assets not countable for purposes of Medicaid and SSI
• Established by and administered by a non-profit
• No age restrictions
• At death of beneficiary, the funds may be retained by the Trust. Any
funds not retained by the Trust are paid to the State
• No minimums
6. Third Party Wholly Discretionary Trust
Calfee, Halter & Griswold LLP 5
• This is the Trust we establish the most
• Assets of parent or grandparent
• Cannot be the assets of the beneficiary
• Usually part of a Revocable Living Trust
• At death of Grantor, Trust becomes irrevocable and the assets
for the special needs beneficiary are allocated to the third party
wholly discretionary trust
• Assets not countable for purposes of Medicaid and SSI
• If assets ever become countable, the Trust terminates and assets
distributed elsewhere
• Distributions may be made only in the absolute, sole and
unfettered discretion of the Trustee
7. Programs
Calfee, Halter & Griswold LLP 6
• Federal, State and Local Resources
• Social Security Disability (SSD) and Medicare
available regardless of income or assets
• Need Based Programs: Supplemental Security
Income (SSI) and Medicaid
8. SSI Eligibility
Calfee, Halter & Griswold LLP 7
• Strict income and assets guidelines for eligibility
• Provides $733 per month (single individual) to those who are
blind, disabled or over 65, but otherwise fail to qualify for
SSD
• SSI recipients qualify for Medicaid
• Gifts, inheritance, proceeds from litigation received by
someone receiving SSI benefits are considered income
and/or resources and may disqualify from benefits
• Cannot own more than $2,000 in countable assets
• Not all assets countable, the home and the car are not
countable
9. Disability under Social Security
Calfee, Halter & Griswold LLP 8
• Sometimes severity of disability is not disputable
• One must be permanently and totally disabled
• Benefits do not vary based upon level of disability
• May take months or years for benefits to be granted
• Social Security is a complex area of the law
10. Medicaid
Calfee, Halter & Griswold LLP 9
• State and Federal program administered by the Ohio
Department of Medicaid
• Must be income and resource eligible
• Income less than $643 per month
• Resources of less than $1,500
• Not all assets are countable
• Children may remain on parent’s health insurance
until 26
11. Estate Planning
Calfee, Halter & Griswold LLP 10
Past:
• The thought was to disinherit children with disabilities
• Assets generally given to other siblings with the understanding
that the assets would be used for the special needs beneficiary
• This becomes more complicated with divorce, creditor issues and
lack of trust worthiness
Present:
• Third Party Wholly Discretionary Trusts
• Does the beneficiary have assets?
• Does the special needs beneficiary have capacity to establish
legal documents?
• Small Estates?
12. Special Needs Planning Example
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Facts:
• Ben is 10 years old and has autism. Likely will not be able to
live alone.
• Husband works for P&G and makes $250,000 per year. Mom
stays at home with Ben.
• Ben has a 529 Plan in his name with $25,000 in assets
• There are two other siblings
• Retirement assets of $500,000
• $500,000 home in Mason
• Husband has group term life insurance, two times salary
• There are minimal other assets
13. Special Needs Planning Example
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Ben
• Establish Healthcare Directives, General Powers of Attorney, Last
Wills, and Revocable Living Trusts for the Parents
• Ben’s cognitive ability
• Guardianship, minor and as adult
• Is Ben a beneficiary of another estate?
• Life Care Plan for Ben
• Health Insurance
• Financial Planning
14. Progression of Benefits and Services
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• Early Intervention
• Special Education for children under the age of 22
• Benefit Eligibility: For most of our clients there are no public
benefits availability while the child is a minor
• Transition at 18: Is a guardianship necessary?
• At 18 child may be eligible for Medicaid and SSI
• Transition at 21: End of special education services at age of 22.
Encourage clients to advocate for a good transition plan in the
school.
• Critical Years 22-25: Critical years for establishing a work
pattern, or, some other form of routine.
15. Duties of Local School Districts
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• Child with disabilities is eligible for free, appropriate public
education
• Children under the age of 22 receive specially designed instruction
• Child entitled to receive services in the least restrictive environment
and school district is required to pay
• Students entitled to attend school until they graduate or turn 22
• When they turn 18, the rights transition to the student
• Beginning at least one year before the student turns 18, the school
must inform the student that the rights will transfer to the student at
18
• Parents should have child sign a power of attorney to allow them to
still be part of the process
16. Recent Fiduciary Litigation
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Facts
• Special Needs Beneficiary born in 1980, had a debilitating stroke at age of 15
resulting in cognitive ability of a first grader
• Malpractice claim paid out to a court established (d)(4)(A) Trust
• Trust being administered by large corporate trustee, but this was the only special
needs trust at the bank
• Bank did not want to provide any sort of administration/advice outside of the
investment management services
• Guardian of beneficiary requested resignation. Bank refused.
• Guardian filed a Petition to have the Bank removed.
• Trust document stated that Trustee shall investigate all available governmental
benefits.
• Trustee never investigated governmental benefits
• Trustee removed, with judgment against Trustee for attorney fees
18. This presentation is provided by Calfee, Halter & Griswold LLP for education and
information purposes only. This presentation is not intended to provide legal advice on
specific subjects. The resolution of legal issues depends upon the specific facts of a particular
situation and the laws involved. This presentation may be considered advertising under
applicable laws. Nothing contained herein or in any attachment hereto is intended to be used,
or can be used, to avoid penalties imposed under the Internal Revenue Code.
2800 First Financial Center
255 East Fifth Street
Cincinnati, Ohio 45202
513.693.4880
Calfee, Halter & Griswold LLP
www.Calfee.com
Thank You