Powerful Planning Tools Provide Security for People with Disabilities
A Win-Win-Win Opportunity
Federal and state laws encourage families to use powerful estate planning tools to provide for people with disabilities. The Special Needs Trust (SNT) and Charitable Gift Annuity (CGT) are two such tools. The result is a win-win-win opportunity for the individual with special needs, the other family members and for charity.
Special Needs Trust
A Special Needs Trust may be used by a parent, grandparent or other family member to provide an inheritance and to maximize availability and continued eligibility of government benefits for a person with a disability. There are two types of Special Needs Trusts: the “Third Party” Special Needs Trust and the “Self-Settled” Special Needs Trust. The difference in the two types of Special Needs Trusts is based upon source of the funding.
The first step in building a plan for a family who wishes to provide for a loved one with special needs is to locate an attorney with a significant amount of knowledge in preparing estate plans for people with disabilities. Sources to consider when starting a search include: the Special Needs Alliance website at www.specialneedsalliance.com, the American College of Trust and Estate Counsel (ACTEC) registry at www.actec.org and the National Academy of Elder Attorneys website at www.naela.com. We also suggest that you contact Attorney Frederick M. Misilo, Jr fmisilo@ftwlaw.com who has presented at Riverview School Transition Weekends.
