Estate Planning Archives | Special Needs Trusts Online

December 30, 2022February 12, 2024

What to do after you have signed your wills and special needs trust

What To Do After You have Signed Your Will And Special Needs Trust

Congratulations! You have taken a big step in protecting your family’s future! Your wills and special needs trust will insure your loved one with a disability will be able to collect government benefits, i.e. Supplemental Security Income, Medicaid, SNAP, etc, and still have the benefit of their share of your estate, stocks, real estate holdings, 401K account, other retirement accounts, and any life insurance policy benefits.

The Steps Of What To Do After You have Signed Your Will And Special Needs Trust

Store your Wills and trust in a safe place in your house, where you store your important papers. An unlocked fireproof file is a great way to store them. You can get one by clicking here. Unlocked because you need to be sure your Personal Representative (Executor) has access to them to give to your lawyer or to file them with the court.
Let your Personal Representative (Executor), as well as the Trustee of the Special Needs Trust, know where they are and how they can get access to them.
Give the Personal Representative (Executor), as well as the Trustee of the Special Needs Trust a copy of the Wills and Special Needs Trust, electronic and or paper copies.
Change the beneficiaries of your retirement accounts, life insurance policies, or other brokerage accounts, for your child with a disability to the Special Needs Trust.
Let relatives know you have created a Special Needs Trust for your child with a disability. This is to be sure if Grandma or Grandpa or Aunts and Uncles, etc. plan on leaving money to your child with a disability in their will, let them know they should leave the portion for the child with a disability to the Special Needs Trust. “to the trustee under The ‘your child with a disability’s name’ Trust for the benefit of your child with a disability’s name’.”
Decide whether you want to fund the trust now.
1. Most people do not fund the Special Needs, it gets funded only after your death with the assets you have designated to go to your child with a disability from your will or as the beneficiary of a retirement account or life insurance policy, etc.
2. Do not fund the trust with assets that belong to your child with a disability. Those funds need to be treated differently with what is called a First Party Trust. Set up an appointment to find out more about this. It is also possible to create an ABLE Account depending on the amount of assets.
3. If you are funding the trust now you need to open a bank account. To do this you need a tax id. You can get one by clicking here to go to the IRS website. (We can do this for you for a fee. ) Once you have the Tax ID you bring that number and a copy of the trust to the bank to open the account.
If you have any questions about any of this contact us.

Need Information About Special Needs Trusts?

I am Tom Sannicandro, a Special Needs Trust Attorney and I am here to help. I am the founder of a nonprofit corporation that provides quality information about resources available to families as well as providing affordable Special Needs Trusts and estate planning for families. I have over 20 years of experience helping families just like yours. Find out more information at SpecialNeedsTrustsOnline.com or click here to set up a free appointment.

November 16, 2022February 14, 2024

Watch this video for an overview of special needs wills and trusts.

Below is the powerpoint with live links

Need Information About Special Needs Trusts?

November 16, 2022February 12, 2024

Estate Planning For Families With Special Needs Children With Tom Sannicandro

Estate Planning For Families With Special Needs Children

Show Notes

[02:54] Tom’s Journey – Tom shares why he switched his legal practice from corporate law to disability law.

[11:48] Asset Protection – Tom shares his perspective on asset protection related to individuals with disabilities.

[18:16] Finding a Trustee – Appointing a trustee for a special needs trust entails a great deal of confidence. Tom stresses the importance of selecting a suitable person to manage the trust.

[21:40] Special Needs Trust – Tom shares how he assists his clients, and what the process for setting up a special needs trust through his website looks like.

[36:08] ABLE Account – Tom discusses the functionality of an ABLE account.

[11:25] Letter of Intent – Tom and Grant discuss the purpose of a Letter of Intent.

[14:09] Medical Support vs. Financial Support – Tom shares his perspective on having an individual assisting with medical decisions simultaneously serving as the trustee.

[16:57] Future Work – Tom shares his future goals, and how he intends to continue serving his clients.

Resources

November 10, 2022February 12, 2024

Free Webinar on Estate Planning for Families with a Child with a Disability

Estate Planning for Families with a Child with a Disability

November 15, 2022 – 6:30pm to 7:30pm EST

wills and trusts tom sanacandro 2022 | word3

Join us as we welcome Tom Sannicandro, JD, PhD to discuss the importance of special needs trusts and wills, as well as his website which provides an easy and low cost mechanism to develop the two.

” I have been practicing disability law for more than 20 years. I am the father of an adult son with Down syndrome, so I know the challenges that families face when trying to provide a future for all their children. After retiring from the practice of law, I thought the best way to give back would be to provide estate planning documents for families with a child with special needs in an easy and affordable way.

There are benefits of drafting your estate plan and special needs trusts together. My easy-to-use form does all the hard work for you and sets up the most benefits for your child’s future.

I also provide legal documents that helps protect someone with disabilities by ensuring that they get the assistance of someone they trust.“

January 30, 2022February 12, 2024

How Important is Your Will?

How Important Is Your Will

Have you ever thought about what happens after you die? What would happen to your possessions, family, and friends? Will they inherit anything or will it go back to the state?

The law of wills is a legal term referring to the document that states who gets what after someone dies. In other words, it is a written statement that describes how your assets should be distributed after you pass away.

A will is a very important part of estate planning. Without a valid will, your property will be divided according to the laws of intestacy. This means that your property will be shared between your spouse, children, parents, siblings, and other relatives.

If you have a child with special needs it is critically important. It is important that your estate plan, insurance policies, and retirement plans that could bring your child with special needs assets to an amount greater than $2,000, be given to the special needs trust, and not directly to the child with special needs. If a person is receiving government benefits such as Supplemental Security Income, Medicaid, housing, and or food assistance, assets over $2,000 not held in a Special Needs Trust could jeapordize their benefits. Find out more.

An Overview Of How Important Is Your Will

A will is a foundational document in estate planning that outlines your wishes regarding the distribution of your assets after your passing. Its importance cannot be overstated, as it serves several critical purposes that extend far beyond simply dividing your property. Firstly, a will allows you to designate beneficiaries for your assets, ensuring that your possessions go to the individuals or organizations you choose. This aspect is especially crucial for individuals with specific wishes, such as providing for family members, friends, or charitable causes.

Moreover, a will enables you to appoint guardians for minor children, should something happen to you and your co-parent. This ensures that your children are placed in the care of individuals you trust and who share your values and parenting philosophies. Without a will, the decision of who will care for your children could be left to the court, potentially leading to disagreements among family members and uncertainty about your children’s future.

Additionally, a will allows you to name an executor, the individual responsible for managing your estate and ensuring that your wishes are carried out. This executor plays a crucial role in overseeing the distribution of your assets, paying off debts and taxes, and handling any legal proceedings related to your estate. By appointing an executor in your will, you can provide clarity and guidance for the administration of your estate, reducing the burden on your loved ones during an already challenging time. Overall, a will is a fundamental tool for protecting your assets, providing for your loved ones, and ensuring that your wishes are honored long after you’re gone.