Special Needs Planning - TS Alliance

Special Needs Planning - TS Alliance

Special Needs Planning Presented by: Deanna M. Eble, J.D. Garden City | Islandia | Lido Beach | Manhattan phone 800-680-1717 | www. vjrussolaw.com What We Will Cover

Special Needs Planning Government Benefits Socialization Employment Opportunities Housing Options Exempt Trusts Planning for Parents Russo Law Group, P.C.

Copyright 2017 Role of Special Needs Planning Attorney Preserving a childs financial security and quality of life Addressing key issues: Understanding the role of public benefits Making decisions about the future Using estate planning/trusts to protect assets Russo Law Group, P.C.

Copyright 2017 Government Benefits Money Supplemental Security Income (SSI) Social Security Medical Private Insurance Medicaid Russo Law Group, P.C.

Copyright 2017 SSI and Medicaid Financially means tested Limited assets and income allowed Medicaid Waiver Programs Parental deeming stops at age 18 for SSI and

age 21 for Medicaid In-kind income may reduce SSI benefit Russo Law Group, P.C. Copyright 2017 CASE STUDY Aging parent Health Failing No memorandum of intent Guardian appointed but not changed when stand by Guardian unavailable Disabled Child:

Living at Home Collecting benefits Co-dependant on mom Russo Law Group, P.C. Copyright 2017 Socialization Family Support Services Support groups Aid services Importance of Group Activities

Day Care Programs Russo Law Group, P.C. Copyright 2017 Employent There are programs available to parties receiving SSI who are still working PASS program Ticket to work New York State also has

employment opportunities through OPWDD Russo Law Group, P.C. Copyright 2017 Where will my Child Live? Live Independently Live independently with supportive services Live with a family member Live in a group residence

Russo Law Group, P.C. Copyright 2017 What if your Child has Assets? Special Needs Trusts Pooled Trusts Protects the assets and the income of a person who is disabled, while accessing Government benefits Russo Law Group, P.C. Copyright 2017

Parents: Supplemental Needs Trust Parent provides for assets and income to supplement his or her childs needs Protects assets from the Government Allows Government benefits to be maintained by the Child Russo Law Group, P.C. Copyright 2017

Parents: Supplemental Needs Trust Third Party SNT Revocable or Irrevocable Living or Testamentary Funded with assets Theresa Community Trust Russo Law Group, P.C. Copyright 2017 Funding Exempt Trusts

Individuals own assets Medical Malpractice and Personal Injury settlements Inheritances Monthly Income Russo Law Group, P.C. Copyright 2017 Special Needs Trusts Established by a parent, grandparent, legal guardian or court

For the sole benefit of the person with special needs under the age of 65 Maintain Government Benefits With a Pay Back to New York State to be reimbursed for Medicaid paid Russo Law Group, P.C. Copyright 2017 Pooled Trusts Alternative to the Special Needs Trust Over 20 Pooled Trusts in NY

For a list: http://wnylc.com/health/entry/4/ The Theresa Foundation Pooled Trust NYSARC Russo Law Group, P.C. Copyright 2017 Pooled Trusts - Rules Trust Established by a not-for-profit organization

For the sole benefit of the person with a disability of any age Caution: Medicaid transfer penalty rules Russo Law Group, P.C. Copyright 2017 Pooled Trusts - Rules Account established by the disabled person, parent, grandparent, legal guardian, the individual, or by court

Pay Back to New York State - to be reimbursed for Medicaid paid, unless the trust assets are left with the Trust Russo Law Group, P.C. Copyright 2017 Why Do We Need Pooled Trusts? Maintaining Government Benefits Beneficiary will have resources available for supplemental needs Special needs individual and charity both

benefit (a win win situation) Russo Law Group, P.C. Copyright 2017 Pooled Trusts Procedures Physician completes medical/disability documents Beneficiary (or guardian) signs a Joinder Agreement Joinder Agreement and any processing fee submitted to Trustee Once accepted, beneficiary deposits money to the trust (exempt transfer for Medicaid)

Account is created for the sole benefit of the beneficiary Russo Law Group, P.C. Copyright 2017 Pooled Income Trusts Person with a disability and on Medicaid Can be a person of any age Medicaid Planning technique to fund a Pooled Income Trust with excess income Income in the Trust can be used for the benefit

of the person with a disability Russo Law Group, P.C. Copyright 2017 Who Benefits from a Pooled Trust? Applicants/Recipients of needs-based government assistance programs such as SSI and Medicaid Recipients of personal injury settlements Recipients of medical malpractice settlements

Russo Law Group, P.C. Copyright 2017 How Pooled Trusts Can Be Used

Medical procedures not otherwise covered Housing costs Entertainment expenses Travel expenses Guardian fees Attorney fees Any other expense not covered by government assistance Russo Law Group, P.C. Copyright 2017 How Trust Beneficiaries

Receive Additional Value Funds pooled for investment purposes allowing for more and better investment options Professional trustee and management services even for small investments Russo Law Group, P.C. Copyright 2017 Decision Making Parent Decides If your child is under the age of 18

Parents Lose the Right to Make Decisions when your Child reaches age 18 A legal guardian needs to be appointed by the Court, UNLESS Durable Power of Attorney, Health Care Proxy and Living Will If your child has capacity and is 18 or older Russo Law Group, P.C. Copyright 2017 Planning for the Parents

Financial Plan for Family Planning for your Child Use of Life Insurance and Supplemental Needs Trust Russo Law Group, P.C. Copyright 2017 Memorandum of Intent Working Together: A Guide for

Family, Friends and Advocates Russo Law Group, P.C. Copyright 2017 What Parents Should Do Create Memorandum of Intent Implement a Comprehensive Estate Plan Consider financial and legal needs of the person with special needs Fund Trusts for the benefit of the person with

special needs Supplemental Needs Trust or Community Pooled Trust Russo Law Group, P.C. Copyright 2017 Legal Resources Academy of Special Needs Planners (ASNP) www.specialneedsanswers.com National Academy of Elder Law Attorneys (NAELA)

www.naela.com Special Needs Alliance (SNA) www.specialneedsalliance.com Russo Law Group, P.C. Copyright 2017 Special Needs Planning Presented by: Deanna M. Eble, J.D.

Garden City | Islandia | Lido Beach | Manhattan phone 800-680-1717 | www. vjrussolaw.com

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