What Families Need to Know About Planning for a Loved One with Special Needs
Estate planning by parents who have children with disabilities involves many challenges, including the following:
- How do you leave funds for the benefit of the child without causing the child to lose important public benefits?
- How do you make sure that the funds are well-managed?
- How do you make sure that your other children are not over-burdened with caring for the disabled sibling, and that any burdens fall relatively evenly among the siblings?
- What is fair in terms of distributing your estate between your disabled child and your other children?
- How do you make sure there is enough money to meet your disabled child’s needs?
Often, parents of children with special needs try to resolve these issues by leaving their estates to their other children, leaving nothing to the disabled children. They have several reasons for this approach:
1) the disabled child should not receive anything because they cannot manage money and would lose their benefits,
2) they do not need any inheritance because they will be taken care of by the public benefits they receive; and
3) the other children will take care of them.
When addressing a special needs planning situation, be sure to speak with a professional who understands the nuances of the special needs planning process.
Attendees will come to understand what is involved in the planning process for a special needs family and the importance of preserving the loved one’s financial security and quality of life. The key issues of understanding the role of public benefits, making decisions about the future, Maryland ABLE, and using estate planning and trusts to protect assets will be discussed along with the types of special needs trusts and their specific purposes (along with who the decision makers and beneficiaries can be in these trusts). Also, to be touched upon will be the “planning team concept” — how your planning team (attorney, financial advisor, CPA) — can work together to help provide your family peace of mind during the special needs planning process.
Intended Audience: The target audience for this presentation is all families who need to plan their loved one with special needs. This includes young families with young children up to older parents with disabled adult children, as well as other family members including grandparents who wish to contribute to 3rd party special needs trusts. This presentation is also important for financial decision makers who want to better understand the ins and outs of special needs planning so they can be a better resource for their clients.
About the Presenter: Olivia R. Holcombe-Volke, Esq.
Olivia Holcombe-Volke is a Senior Principal with Elville and Associates, P.C. Her primary focus is on all aspects of estate planning, including the initial drafting of wills, trusts, advance directives, and powers of attorney, as well as the continued revision and updates of those documents as life and statutory changes occur. She also regularly works with clients who have elder law and/or special needs concerns, whether on behalf of themselves or a family member, assisting with Medicaid and Veteran’s asset protection efforts, special needs planning, and the difficult issues attendant to mental and physical incapacity.
The webinar is eligible for one hour of continuing education credit from the Center for Guardianship Certification.
