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About Special Needs
How Does a Special Needs Attorney Help?
Whether your loved one with special needs is an adult or a child born with special needs, we can help your family. Our mission is to work as an advocate for your loved one throughout his or her life: from on-going decision making, applying for Supplemental Security Income and Medicaid, to setting up trusts, and even acting as trustee for your child's assets after your death, if you so desire.
Read More...Do you have enough assets and income to take care of your immediate family and donate to one or more of your favorite charities?
A great question to ask, especially in today’s economic climate, but it is exactly because times are hard, that I am asking. We’re all good people as a whole and when we’re passionate about one or more charities, well they become just like family to us.
A good number of my clients would like to leave a portion of their estate (even if it’s small) to one or more of their favorite charities but they don’t know how to do it! They are concerned that there won’t be enough left for their families. This is a valid concern but there are a number of options available that can make charitable gift-giving a “win-win” for all!
Here are some options to consider:
- Charitable Gift Annuities allow you to retain an income stream
- Charitable Trusts allow you to save income taxes today and estate taxes later on
Not only will you help your favorite charity but you can save income and estate taxes. If you’re thinking about charitable gift-giving, the first step you need to take is to determine which charities you would like to help out and in what way. Let me know what you think! Tell me about some of your favorite charities.
How long has it been since you last reviewed your will, trusts, estate plans?
Before you tell yourself of course a seasoned attorney would ask me that question, I want you to think about this – I’m a Baby Boomer too. We may think that we have all the time in the world to update and plan and we think that we are too busy making sure our children and family are provided for should anything happen. Think again.
In a recent Forbes article, Five Reasons Baby Boomers Need to Review Estate Plans (And It’s Not About Taxes), http://www.forbes.com/sites/deborahljacobs/2012/03/29/five-reasons-baby-boomers-need-to-review-estate-plans-and-its-not-about-taxes/ senior editor Deborah L. Jacobs cited comments made by Paul G. Schervish, a Boston College professor and renowned researcher on wealth and philanthropy in America that was a little shocking, “Boomers will give away much more than they receive.” If that’s not a call to action to revisit your estate plans, I don’t know what is!
Do those documents still reflect who you are, what you care about and what you have today? Schervish tells us that it’s estimated that post-boomers, ages 28 to 45 are in better shape financially than we think and in fact, better shape than we were at that age.
As a boomer and an experienced estate planning attorney, I agree with Ms. Jacobs and Mr. Schervish - Take care of yourself and think about your legacy – the kids will be alright.
Boomers, tell me what you think!
View or Download The Theresa Foundation Pooled Trust of New York brochure in pdf format.
Effective IMMEDIATELY, New York State has "EXPANDED" Medicaid Estate Recovery.
- Life Estates
- Revocable Trusts
- Certain Irrevocable Trusts
Everyone with a Life Estate or Irrevocable Trust needs to take action to ensure that their assets are protected.
The time to act is NOW!
- Contact us Immediately for a Consultation
- Attend one of our Free Seminars
- Participate in our Free Webinars
It may sound like a no brainer but I can not tell you how many times clients have not updated their beneficiary designations. This can create a serious problem for the child with special needs. These assets pass outside of a Will or Trust that you may have set up.
Supplemental Needs Trusts
The first step in any estate plan is to have Will and/or Trust which provide for the proper disposition of your assets upon your demise. For parents who have a child with special needs, it is highly recommended that their estate plan provide for a Supplemental Needs Trust (SNT). This Trust will be managed and administered by a Trustee for the benefit of your child with special needs while maximizing government benefits.
The Theresa Alessandra Russo Foundation is a not-for-profit charitable organization that touches the lives of children with special needs, and their families, by funding programs focused on art, music, dance and recreation.
Founded in 1992 to honor the memory of Theresa Alessandra Russo, the Foundation hosts a variety of annual events and programs. The proceeds are used to fund grants for local and national organizations that provide children with special needs the opportunity to participate in art, music, dance and recreation programs.
The Center For Special Needs Trust Administration, Inc. (The Center) is a not-for-profit 501 (3)c corporation that offers a solution to the problem of finding satisfactory trustee services by providing such services for special needs trusts.
4912 Creekside Drive
Clearwater, Florida 33760
(877) 766-5331
To join the Trust, the beneficiary or representative, must complete a Joinder Agreement, and contribute assets to the Trust. There are other specific requirements, but the Joinder Agreement provides a set of instructions to be followed so that a beneficiary can more easily meet these specific requirements.
For more information on how to join, please contact
The Center For Special Needs
Trust Administration, Inc. at
(877) 766-5331
Since your eyes met you have spent each and every moment loving, caring for, guiding, educating and protecting your child with special needs. As a parent of a child with special needs, you have been making personal, financial and health care decisions for them since birth.