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Common Mistakes Parents Make With Their Special Needs Trusts
Common mistakes parents make with their special needs trusts
Heath Burch, CFP
We meet a number of families each year that have already met with a planner in an attempt to design a special needs plan. The plans are put together with the best of intentions in hopes of providing ongoing care for their loved one with special needs. Unfortunately, many of these plans are incorrectly designed and fall short of providing the desired outcome.
The most common errors we see are often related to the drafting of a special needs trust. We'll outline below three of the most common mistakes we encounter when working with reviewing these trusts.
Each week we review a number of special needs trusts given to us by parents simply looking to confirm that what they have works. The family has done exactly what they thought they needed in that they have created a trust in order to provide ongoing care for their loved one with special needs should they no longer able to provide it. The problem is that many of these documents are put into place without the parents truly understanding what they are signing.
We've seen documents that do not successfully preserve access to benefits like social security, often the primary goal of the trust. We have encountered documents that make the state (Medicaid) the named beneficiary of any assets remaining after the child's life in cases when it is not necessary. At times we have even seen documents that ultimately disinherit a child with special needs without the parents even aware of the fact.
If you aren't certain that your legal documents are designed as you intended or worse, you aren't sure exactly what they contain, please get them reviewed by an attorney that specializes in this type of planning. It never hurts to get a second opinion and provide yourself the sense of security of knowing that you have a well-drafted, effective set of legal documents to protect your family.
In the event that you have a well-drafted special needs trust your work may not be done. If the attorney or advisor you worked with hasn't walked you through how to title all of your various assets and you haven't moved most of your assets into the trust when appropriate, or directed them to the trust through a beneficiary designation or transfer on death designation when appropriate, you aren't done.
This is not an easy task, which is exactly why so many families walk into our office without having it done. There are a lot of reasons why the titling work may not have been done. It is possible the advisor didn't want to take on the responsibility. Maybe you weren't sure how to title an asset such as your house in the trust? Or maybe you had every intention of updating your beneficiary designations, but just forgot or ran out of time?
Regardless, you must finish what you started. If the attorney or advisor that helped you with the trust hasn't helped you finish the job, it is your responsibility to find someone who can.
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AORN 65th Annual Congress - Association of Perioperative Registered Nurses
Dates: 3/24/2018 – 3/29/2018
The annual AORN Congress is the #1 event for professionals in the surgical arena, offering in-person contact with 5,000 leading perioperative professionals, key OR decision-makers, and qualified candidates. Returning exhibitors know the value of Congress - the average exhibiting company has participated in Congress for 11 years.For 50 years AORN's Annual Congress has showcased one of the country's top medical trade shows. The success of Congress and the exhibits is based on the partnership that AORN has with its industry colleagues.Over 500 companies exhibit at AORN Congress to:close sales cost-effectively;launch new products/services, showcase product lines or offer product demonstrations;and develop a rapport with nurses who are potential job candidates oroperating roomproduct end-users, decision-makers and purchasers.AORN is the professional organization of perioperative registered nurses whose mission is to support registered nurses in achieving optimal outcomes for patients undergoing operative and other invasive procedures.Contact the event managers listed below for more information about how you can participate at the AORN 65th Annual Congress - Association of Perioperative Registered Nurses.All information in Events In America is deemed to be accurate at the time we add it,and we take steps to verify all details and update our records when new information is provided, but as people, events and circumstances change, we caution users to independently confirm all information. EventsInAmerica.com and Events In America LLC make no guarantee of accuracy and assume no liability for inaccurate information.