Special Needs Trusts: Estate Planning Is Crucial for Ensuring the Future of Your Autistic Child (continued)


Other Estate Planning Vehicles
Special needs trusts work best with an integrated estate plan. A will or similar vehicle that directs which funds will go into the special needs trusts is essential. But make sure to understand how the special needs trusts works with the will. A "stand-alone special needs trust" is created during the parents' lives and can be funded by the parents though provisions in their will. Also other family members like grandparents may make contributions to this trust. However, if the special needs trust is contained inside the parent's will, known as a "testamentary trust", it doesn't actually exist until the parent dies. In that case, only the parents or those who die after them can fund this trust.

In addition to a trustee who manages the financial aspects under the special needs trust, the parents should also consider appointing a guardian who will manage the day to day care of their child. Although they can be the same person, parents should include as many loving people as possible in caring for their child with autism.

Finally, a letter of intent or a life plan that details the parents' wishes for their child may be helpful. While these life plans are very useful in keeping the child's care as close as possible to normal, they are not legal documents. In fact, they do not have to be followed by the child's new guardian. But because life plans provide very valuable detailed information, they are often used in conjunction with other estate planning vehicles.

Recap
Whatever estate planning vehicle(s) is used, it is important to set up something before it is too late. With only a few hours of careful planning, the Ramseys have ensured that Jimmy will be able to maintain his quality of life after they are gone.

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The author would like to thank estate planning attorney Diedre Wachbrit, who served as an expert resource for this article.
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The following resources provide additional helpful information on special needs trusts.Websites http://www.ssa.gov/notices/supplemental-security-income -- This website has a wealth of information on SSI including an online program called the Benefit Eligibility Screening Tool that determines if your child is eligible for SSI.

http://www.metlife.com - MetLife provides general information on planning for your special needs child including wills and special needs trusts (search special needs trusts on the website's search engine).

http://www.wachbrit.com - Estate Planning Attorney Diedre Wachbrit provides more detail on the common issues involved with special needs planning and materials used in connection with a parent training seminar on special needs trusts.

http://www.amgtrust.com - American Guaranty & Trust Company has a sample special need trust agreement and sample memorandum on common issues to focus on when drafting a special needs trust.

http://www.specialneedsplanning.com - Special Needs Planning has articles on special needs financial planning and sample letters of intent.

Organizations
The Association for Retarded Citizens - This organization has articles and an excellent booklet called "The Arc's Future Planning Resources." This booklet may be obtained on line at http://thearc.org, by calling 301/565-3842 or writing with $2 postage to The ARC, National Headquarters,1010 Wayne Ave. Suite 650, Silver Spring, MD 20910.

National Information Center for Children and Youth with Disabilities (NICHCY) - This organization has great articles on special needs estate planning and a worksheet for costing out the total expenses of a person with a disability. Visit their website at http://www.nichcy.org. (search their publications for "estate planning" and find their great 20 page guide "Estate Planning ND18")

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SIDEBAR
Choosing a Professional
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Attorneys
http://www.naela.com - National Association of Elder Law Attorneys is a good place to start for a list of attorneys who are knowledgeable with special needs trusts.

http://www.wealthcounsel.com - Wealth Counsel LLC is a consortium of knowledgeable estate planning attorneys with a database that can be searched by state and by typing in special needs.



Shannon King Nash volunteers her time with several special needs and autism non-profits. Shannon is an attorney, CPA and freelance writer who primarily covers issues relating to autism and developmental disabilities. She is a graduate of the University of Virginia School of Law. Shannon is the author of an upcoming pesonal tax handbook called The Black Tax Guide (http://www.blacktaxguide.com.)

Shannon lives in California with her husband Bill, sons Jason and Kyle, and Charlie, her chocolate Labrador Retriever. She may be reached at specialneedscorner@hotmail.com

"Reprinted with permission from the March-April 2003 issue of the Autism Asperger's Digest, a bimonthly 52 page magazine devoted to autism spectrum disorders. Published by Future Horizons, Inc. For more information: www.autismdigest.com or call 800.489.0727."

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December 15, 2004