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1 Sebastian V. Grassi, Jr., A Practical Guide to Estate Planning for a Family with a Special Needs Child [i] (2009)

handle is hein.ali/pgepf0001 and id is 1 raw text is: A Practical Guide to Estate Planning for a Family with a Special Needs Child Sebastian V. Grassi Jr. The need for estate planning practitioners to become fa- miliar with estate planning for a family with a special needs child is growing each day. This book, through its practical guidance and valued added references, is designed to be a desk reference guide for attorneys, accountants, financial advisors, life insur- ance agents, and trust officers who serve the special needs community. Current advancements in technology and medicine now permit what was unimaginable decades ago to be com- mon place and available. These strides now permit dis- abled individuals to live longer and have greater social in- teraction (individually and through their communities). Such strides also place a greater strain on governmental financial programs that assist disabled individuals. Federal and some state government deficits create uncer- tainty as to the viability of government assistance pro- grams and the amount of benefits that can be provided to a disabled individual. Fortunately, many families want to supplement the assistance provided by government pro- grams and are desirous of partnering with the govern- ment in caring for their disabled loved one. This book will guide the reader on how to assist parents (and rela- tives) of a disabled child in that effort. A Practical Guide To Estate Planning For a Family With a Special Needs Child by Sebastian V. Grassi, Jr. sets forth over fifty (50) issues that an estate planning advisor may encounter or want to consider when preparing an estate plan for a family with a special needs loved one. The book discusses how to use a discretionary spendthrift trust to protect a bequest or inheritance that is left to a special needs person (which, for purposes of this book, is assumed to be a special needs child). This type of trust is the estate planning vehicle of choice that will protect the special needs person's inheritance from being seized by the government or requiring that the government be reimbursed (for the financial assistance or cost of medi- cal assistance the government has provided to the special needs person) upon the person's death. Scattered through out the book are numerous Practice Points and Cautions that highlight unusual issues or warn of potential pitfalls. The book also discusses: The fifteen issues that need to be considered when preparing an estate plan for a special needs family. e The four important government benefit programs for special needs families. e The five unique estate planning challenges for a special needs family. e The five essential estate planning documents for a special needs family (with drafting examples). Tax planning for a special needs family. The five estate planning options available to a special needs family. e The importance of the stand alone third-party created and funded special needs trust. The need to coordinate other relatives' estate plans with the special needs family's estate plan. e The sixteen common assets and beneficiary designations that need to be reviewed. e The need to integrate financial planning with the family's special needs planning. e The important role of life insurance in special needs planning. e How to protect a special needs person's existing assets by using a government sanctioned form of safe harbor trust. The HIPAA rules and their impact on an adult special needs person. How to assist the adult special needs person in financial, educational and daily living matters. How to provide an inheritance for a special needs person if the parents or grandparents need Medicaid paid nursing home care (with drafting example).

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