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Thread: Will\Estate Planning and SNKs

  1. #1
    Join Date
    Jan 2008
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    Default Will\Estate Planning and SNKs

    Do any of you have "special needs" provisions in your will/living trust/estate documents?

    I am in California and I was talking with my lawyer about unrelated stuff who drew up my living trust/will/medical power of attorney stuff. When I mentioned dd's issues he immediately said that we needed to make some changes so she would always be able to get whatever kind of therapy she needed, protect her assests so they wouldnt need to be spent down etc. for any state/federal programs. He also suggested I get a separate life insurance policy, likely whole life to fund what dd needs. (OK, this is totally the Reader's Digest condensed version of what he said and is not intended to be legal advice, LOL)

    So, we are going to start exploring what I need to do. Kinda caught me off guard but makes perfect sense. Wondering what others here have done?

    TIA

    Di
    C and E
    12/01/06

  2. #2
    mckenziecat is offline INCIIDer - A Community Creator
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    Default Not me but a friend

    It varies by state but yes you may want to set something up. My friend went to a financial counselor that specializes in sn issues (has a sn kid himself). Just be careful - lots of counselors SELL things and get paid huge commissions so just make sure you do your research. Whole life is rarely a good deal and I used to advise against it in virtually all circumstances. Now, dh has cancer and I wish we did have whole life on him because at some point the term will cancel him and he'll be uninsurable. Sorry to go off topic, just do your homework and yes if you believe you will have financial needs beyond adulthood, you do need to make special arrangements.
    good luck,
    beth

  3. #3
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    Yes, we have a special needs trust -- if we both die, our assets go into the trust instead of to Evan directly. That way they do not count against his eligibility for state-funded services. Long-term planning is hard to think about but very worth it for our kiddos! Good luck.

    Lisa

  4. #4
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    This was my estate lawyer who recommended whole life. Somewhat for the reasons you now wish you had it. I have lots of term insurance, which is fine as I age and my dds need less. I guess the point with whole life is if my one dds needs always remain the same, then I wont reach a point of her needing resources and me being uninsurable. Like you, i have always been very adverse to whole life, I was surprised it was presented as an option.



    I guess right now, at age three, whether she will need support into adulthood. But its better over prepare than under prepare in this situation

  5. #5
    Join Date
    Jan 2008
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    I am curious as to how this is different than my living trust where if I die (I am a single mom by choice) it all goes into my trust, not to my dds. Guess that is why I am meeting with my lawyer in the next couple of weeks!

  6. #6
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    Hmm, that I don't know; good lawyer question! We kind of need to revisit the issue too, because we set up the SN trust while Evan was quite small and we thought he would be significantly more disabled than it currently appears that he will be. I am not sure if there's some sort of rule about who can be the beneficiary of a SN trust, whether they need to be disabled from regular work, etc. Good luck!

    Lisa

  7. #7
    Join Date
    May 2006
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    311

    Default We have a trust...

    for Alex, but under my dad's name. He can't have assets. Anyway, it is spelled out very clearly who will manage the trust when my dad can't, all the way down to his twin sister. We have more to do, but this is our start.




    Quote Originally Posted by dlp View Post
    Do any of you have "special needs" provisions in your will/living trust/estate documents?

    I am in California and I was talking with my lawyer about unrelated stuff who drew up my living trust/will/medical power of attorney stuff. When I mentioned dd's issues he immediately said that we needed to make some changes so she would always be able to get whatever kind of therapy she needed, protect her assests so they wouldnt need to be spent down etc. for any state/federal programs. He also suggested I get a separate life insurance policy, likely whole life to fund what dd needs. (OK, this is totally the Reader's Digest condensed version of what he said and is not intended to be legal advice, LOL)

    So, we are going to start exploring what I need to do. Kinda caught me off guard but makes perfect sense. Wondering what others here have done?

    TIA

    Di
    C and E
    12/01/06

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