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6/30/2020
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Covid-19: Planning for Your Childwith Special Needs
FACEBOOK LIVE
Presented by:
Kim M. Christian, Esq.
Frank L. Buquicchio, Esq.
June 30, 2020
Meet Kim M. Christian
J.D.
RUSSO LAW GROUP, P.C. 2020 2
• Partner with Russo Law Group, P.C. ◦ Lead Planning Attorney in the Lido office
• Practice Areas: Elder Law, Estate and Trust Planning, Real Estate, & Special Needs Planning
• Bar Memberships: New York State Bar Association, New Jersey State Bar Association, Nassau County Bar Association, & Bar of the Supreme Court of the U.S.
• Recognized by Super Lawyer Rising Star (2014)
• Board Memberships: National Academy of Elder Law Attorneys (NAELA) & the Academy of Special Needs Planners (ASNP)
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MeetFrank L. Buquicchio
JD, CELA, CAP
• Partner with Russo Law Group, P.C.
◦ Lead Planning Attorney in the Islandia and Bay Shore offices
• Practice Areas:
◦ Elder Law, Estate Planning, Special Needs Planning, Real Estate, Corporate Law, Veterans Benefits
• Certified Elder Law Attorney (CELA) by the National Elder Law Foundation
• Accomplishments & Recognitions
◦ Super Lawyer (2014 – present), Avvo 10.0 Rating, Martindale Hubble AV Preeminent Rating
• Associations & Board Memberships:
◦ Invitation Only, NAELA Council of Advanced Practitioners (CAP)
◦ National Academy of Elder Law Attorneys (and on the Board of the New York Chapter of NAELA)
◦ Academy of Special Needs Planners
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We Will Cover…
RUSSO LAW GROUP, P.C. 2020
We Will Cover…
• Putting a Plan in Place
• Planning for a Child at Certain Ages
• Explanation of:• Public Benefits• Special Needs Trusts• Guardianship
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Preserving Your Child’s Financial
Security and Quality of Life • Having a Plan in Place is Essential
• The Plan Includes the Parent and their Child
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Memorandum of Intent
• Working Together: A guide for Family, Friends and Advocates
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Planning for the Parents
• Estate Planning◦ Living Trust or Testamentary Trust / Last Will and
Testament
◦ Advance Directives
• Financial Planning
• Long Term Care Issues
• Retirement Planning◦ Retirement Accounts
• Review ◦ Life Insurance needs
◦ Wills, Trusts and Advance Directives of the Parent
◦ Fiduciary Appointments
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Parents: Supplemental Needs Trust
• Parent provides for Assets and Income to Supplement his or her Child’s Needs
◦ Protects assets from the Government
◦ Allows Government benefits to be maintained by the Child◦ Supplemental Security Income
◦ Medicaid
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Parents: Supplemental Needs Trust
• Third Party Trust
• Revocable or Irrevocable
• Living or Testamentary
• Funded with Assets ◦ House
◦ Liquid assets
◦ Life Insurance
◦ Retirement Income
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What if your Child has Assets? • Special Needs Trusts
◦ Protects the assets and the income of a person who is disabled, while accessing Government benefits
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Special Needs Trust for your
Child
• Funded with the Assets of the Person who is Disabled and Under Age 65
• Pay back to NYS for Medicaid
• Must be Irrevocable
• Selecting a Trustee
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Selecting a Trustee
• No Decision is More Important!
• Options◦ Family
◦ Friends
◦ Professionals
◦ Corporate: Bank or Trust Company
◦ Pooled Trust
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Pooled Trusts for your Child
• Alternative to the Special Needs Trust
• Remainder to the Charity instead of the State
◦ Check State Laws
• Many Pooled Trusts
• State by State◦ The Theresa Foundation
◦ Pooled Trust of New York
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Government Benefits for your
Child• Money
◦ Supplemental Security Income (SSI)
• Medical◦ Private Insurance
◦ Medicaid
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SSI and Medicaid for
your Child
• Financially Means Tested
• Limited Assets and Income Allowed
• Parental Deeming Stops ◦ at age 18 for SSI
◦ at age 21 for Medicaid
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Planning for Your Child at Age 14
• SSI◦ Preparing to qualify at age 18
◦ Three Year Look back Period and Transfer Penalty Rules
• Review of Wills, Trusts and Advance Directives
• Update Memorandum of Intent
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Planning for Your Child at Age 17
• Decision Making – Guardianship
• SSI Eligibility
• Review of Wills, Trusts and Advance Directives of the Parent
• Update Memorandum of Intent
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Decision Making
• Parent Decides◦ If your child is under the age of 18 (in NY)
• Parents Lose the Right to Make Decisions ◦ When your child reaches age 18 (in NY)
◦ A legal guardian needs to be appointed by the court, unless:◦ Durable Power of Attorney, Health Care Proxy and
Living Will
◦ If your child has capacity and is 18 or older
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Guardianship
• Guardianship Court◦ Court friendly
• Legal Guardian of the Person and of the Property
◦ Standby Guardians
• Responsibilities of the Legal Guardian
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Planning for Your Child at Age 21
• Medicaid ◦ No Parental Deeming
• Parents◦ Review of Estate Plan
◦ Memorandum of Intent
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Resources: Special Needs
Attorneys
• Academy of Special Needs Planners◦ www.specialneedsanswers.com
• Special Needs Alliance◦ www.specialneedsalliance.com
• National Academy of Elder Law Attorneys◦ www.naela.org
• ElderCounsel, LLC◦ www.eldercounsel.com
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What do I do NOW?
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Create a Plan
Retain the Services of Professionals
Get your Plan Implemented
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Questions and Answers
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What Makes Russo Law
Group Different?
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5 Convenient Office Locations on Long Island and NYC
We can provide services not only in New York but around the country
•Licensed in New York, Florida, Massachusetts, New Jersey
•Co-Counsel in numerous other States
We Are Very Strong with Handling Crisis Situations
Special Client Offerings: Client Maintenance Program and Family Plan
We are involved in the Community
We are Supporting The Frontline Workers
Join us for upcoming events and resources by visiting our COVID-19: Crisis Response page
Get the Help You Need! Contact Us
516-683-1717