Monday, July 27, 2009
The ABA Section of Real Property, Trust & Estate Law is sponsoring a teleconference and live audio webcast CLE entitled Top Ten Tips Every Estate Planner Needs to Know About Special Needs Trusts on August 4, 2009.
The following is a summary of the CLE.
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.