6/30/2020

1

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)

6/30/2020

2

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

RUSSO LAW GROUP, P.C. 2020 3

4

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

6/30/2020

3

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

RUSSO LAW GROUP, P.C. 2020 5

Memorandum of Intent

• Working Together: A guide for Family, Friends and Advocates

RUSSO LAW GROUP, P.C. 2020 6

6/30/2020

4

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

RUSSO LAW GROUP, P.C. 2020 7

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

RUSSO LAW GROUP, P.C. 2020 8

6/30/2020

5

Parents: Supplemental Needs Trust

• Third Party Trust

• Revocable or Irrevocable

• Living or Testamentary

• Funded with Assets ◦ House

◦ Liquid assets

◦ Life Insurance

◦ Retirement Income

RUSSO LAW GROUP, P.C. 2020 9

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

RUSSO LAW GROUP, P.C. 2020 10

6/30/2020

6

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

RUSSO LAW GROUP, P.C. 2020 11

Selecting a Trustee

• No Decision is More Important!

• Options◦ Family

◦ Friends

◦ Professionals

◦ Corporate: Bank or Trust Company

◦ Pooled Trust

RUSSO LAW GROUP, P.C. 2020 12

6/30/2020

7

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

RUSSO LAW GROUP, P.C. 2020 13

Government Benefits for your

Child• Money

◦ Supplemental Security Income (SSI)

• Medical◦ Private Insurance

◦ Medicaid

RUSSO LAW GROUP, P.C. 2020 14

6/30/2020

8

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

RUSSO LAW GROUP, P.C. 2020 15

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

RUSSO LAW GROUP, P.C. 2020 16

6/30/2020

9

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

RUSSO LAW GROUP, P.C. 2020 17

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

RUSSO LAW GROUP, P.C. 2020 18

6/30/2020

10

Guardianship

• Guardianship Court◦ Court friendly

• Legal Guardian of the Person and of the Property

◦ Standby Guardians

• Responsibilities of the Legal Guardian

RUSSO LAW GROUP, P.C. 2020 19

Planning for Your Child at Age 21

• Medicaid ◦ No Parental Deeming

• Parents◦ Review of Estate Plan

◦ Memorandum of Intent

RUSSO LAW GROUP, P.C. 2020 20

6/30/2020

11

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

RUSSO LAW GROUP, P.C. 2020 21

What do I do NOW?

RUSSO LAW GROUP, P.C. 2020 22

Create a Plan

Retain the Services of Professionals

Get your Plan Implemented

6/30/2020

12

Questions and Answers

RUSSO LAW GROUP, P.C. 2020 23

What Makes Russo Law

Group Different?

RUSSO LAW GROUP, P.C. 2020 24

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