life and estate planning for families with special needs
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Life and Estate Planning for Families With Special Needs. Matthew Bogin, Esq. 5454 Wisconsin Avenue Chevy Chase, MD 20815 301- 656 - 1755. [email protected]. Introduction. What we will cover Why it is important. [email protected]. Things to Know. SSI SSDI - PowerPoint PPT PresentationTRANSCRIPT
Life and Estate Planning for Families With Special Needs
Matthew Bogin, Esq.5454 Wisconsin AvenueChevy Chase, MD 20815
301- 656 - 1755
Things to Know
• SSI • SSDI• MEDICAID• MEDICARE
Six Reasons to Plan Your Estate
With a Plan Without a Plan
1 You decide who receives shares of your assets.
State laws determine who inherits your assets.
2 You decide how and when your beneficiaries will receive their inheritance.
The terms and timing are set by law. Your children could be left control of the estate.
3 You decide who will manage your estate.
The court appoints admin’s to manage your estate.
4 You can reduce estate taxes and admin expenses.
Costs can be more, due to required expenses and taxes.
5 You select a guardian for your children.
The court appoints a guardian for your children.
6 You can provide for the orderly continuance or sale of a family business.
Financial loss and family hardships may result from ultimately forced sale.
Estate Planning Steps
Every Estate Plan should include ten basic steps. Check off each step when completed.
Family Information
Financial Information
Goal Setting
Legal and Tax Analysis
Plan Recommendations
Prepare Documents
Review Documents
Execute Documents
Implement Plan
Completed Plan
What Assets Does a Will Cover?
Issues with life insurance Issues with retirement plan assets
What Happens if a Person Dies Without a Will?
Why intestate succession is a problem
Revocable Versus Irrevocable?
Special Needs Trust
• Trusts Created and Funded by Someone Else• Trusts Funded with Funds Belonging to a
Person with a Disability
Who Should Be the Trustee? Individuals vs. Corporate Trustees
Estate Planning for Families With Special Needs
Matthew Bogin, Esq.5454 Wisconsin AvenueChevy Chase, MD 20815
301- 656 - 1755