Finding The Right Attorney

The number one question that many advisors get is, "how do I find a good attorney?" It can be difficult, especially in finding an attorney who is well-versed in special needs.

There is much more to it than just typing up a Special Needs Trust for you. The attorney you select to help you must have at least a basic understanding of the area of special needs, which includes:

1. The extent or conse­quences of a disabled person’s limitations
2. The stress and time com­mitments involved in providing care toproviding care to a disabled per­son
3. The care provider’s need for peri­odic respite
4. How hard it is to find reliable respite services
5. The various governmental rules and regula­tions, both state and fed­eral, that come into play when a person is receiving or desires to receive govern­mental benefits – financial as­sistance rules that are being “tightened down” more and more each year.

... among others

If you don’t have an attorney perhaps the following can help: First, ask other parents in your support group for their recommendations. Second, locate the president of your local/city/county bar association and ask him for his recommendations. Very often, local bar associations have lawyer referral services that screen attorneys for qualifications for you. If your bank has a trust department then ask the Trust Officer in charge. CPAs often work with attorneys, so asking the person who does your taxes might be a good idea, as well as your insurance agent or financial planner.

Additionally, there is a relatively new organization called the "Academy of Special Needs Planners" which is a great organization that has members all over the country. While membership doesn't guarantee quality, there is a rather hefty membership fee, which at least indicates an attorneys interest and motivation in this practice area.

You can look at their members online at http://www.specialneedsanswers.com

We're building a database of advisors for our website. It's not up yet, but will be soon. You can find us at http://snplanning.com

Until Next time,

Mark Albertson

Estate Planning Challenges for Parents of Special Needs Kids

Usually, estate and financial planning typically have three major phases. The first phase is when the children are small. Concerns most parents have at this stage center around a catastrophic death in which minor children are left behind. In this case, planning for guardians and trusts for children are critical concerns. The second phase is when the children are grown and no longer dependent upon the parents. An inheritance then becomes a very nice addition to the children’s estates, but is no longer critical. The third phase is when the parents’ estate is large enough that estate taxes would be imposed, and tax planning is in order.

With a special needs child, however, estate and financial planning are very different. Very often, a disabled child will be dependent upon the parents or a caretaker/guardian throughout their lives. The stage where special needs children might become independent is either delayed significantly, or will never happen. As such, the concerns parents without special needs kids have are extended for parents with children who have special needs.

The lives of people with disabilities as well as their financial and lifestyle options have undergone many changes over the last 25 years. Less than a generation ago, a disabled person really only had two choices: he or she could live at home with family members assuming the responsibility for caretaking, or be placed in an institutional setting. A generation of advocacy and hard work by parents and others who work with disabled people has provided more lifestyle choice. Persistent parents have given special needs kids the ability to free and appropriate public education, and resources for care and increased independence.

Like most other things, however, proper care over the lifetime of a disabled person does not happen by accident. Only through proper planning can parents assure financial stability and proper caretaking for their children as well as caring for themselves. The reality today for families with disabled children are an increasing population of people with disabilities, which brings with it increased demand for services. Disabled people, like all of us, are living longer lives, and are faced with increased costs of long-term care, coupled with shrinking government resources. Parents simply cannot assume that their child’s siblings will desire or be capable of providing care for the lifetime of their brother or sister. Consequently, undertaking planning at the earliest stage possible is critical.

Although there are numerous resources available to parents of special needs children, putting a comprehensive plan together can be a difficult job. A plan that includes all of the vital aspects of planning for the care for the child, planning for the financial security of both the parent and child, planning for special needs trusts and other forms of estate planning can be much simpler and understandable with help from a special needs planner.