Top Ten Tips Every Estate Planner Needs to Know About Special Needs Trusts

    By Kristen M Lewis and Richard E Davis II

    Top Ten Tips Every Estate Planner Needs to Know About Special Needs Trusts

    Top Ten Tips Every Estate Planner Needs to Know About Special Needs Trusts

    By Kristen M Lewis and Richard E Davis II

    Special Needs Trusts (SNTs) are an important planning tool for families that wish to secure the future of persons challenged by disabling conditions. If SNTs for such persons are not drafted and administered carefully, clients may not achieve the desired result of maintaining the crucial means-tested government benefits upon ...
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    Special Needs Trusts (SNTs) are an important planning tool for families that wish to secure the future of persons challenged by disabling conditions. If SNTs for such persons are not drafted and administered carefully, clients may not achieve the desired result of maintaining the crucial means-tested government benefits upon which they rely.This session will explain the important differences between first-party and third-party SNTs so that the estate planner will know when each type should be used.The presenters will also cover the most critical considerations in preparing and administering estate plans that benefit persons confronted with disabling conditions, including:
    • The types of available distribution standards for SNTs
    • Considerations in selecting an appropriate Trustee for an SNT
    • How to prevent an SNT from disqualifying the beneficiary from eligibility for means-tested public benefits
    • Practical comprehensive tips to implement an estate plan that includes an SNT, including coordination of beneficiary designations for non-probate assets
    • Whether to use an inter vivos SNT or a testamentary SNT (or both)
    • How to use an SNT for a spouse with a disability
    • Drafting Powers of Attorney and Living Trusts to allow distributions for family members with a disability
    • Advising a family on how to prepare a letter of intent for the Trustee of an SNT
    • Coordinating sources of funding for an SNT
    • Helping a parent with a disability establish a "sole benefit" trust for his or her child with special needs
    • Advising families on how to divide assets among "typical" children and those with special needs.
    Faculty:Katherine N. Barr, Sirote & Permutt PC, Birmingham, ALRichard E. Davis, Krugliak, Wilkins, Griffiths & Dougherty Co., LPA, Canton, OHKristen M. Lewis, Smith, Gambrell & Russell, LLP, Atlanta, GA

    Product Details

    Sponsors

    Section of Real Property, Trust and Estate Law

    Product Code

    5430504MP3

    Publication Date

    8/1/2009 12:00:00 AM

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