On this edition, Andrew Hook of Oast & Hook discusses special needs planning and why it is critically important. He talks about the legal tools used in special needs planning, the role of financial planning and how to find a special needs planner. Copyright© 2010 LexisNexis, a division of Reed...
This Article is a summary of the body of
knowledge that a Special Needs Planner will utilize in developing a
comprehensive plan for a person with a disability and his or her family. Special Needs Planning is
more than drafting a Special Needs Trust (SNT). While a SNT is important tool, it
good vehicles to hold gifts by parents to their children who have disabilities
and who have qualified for programs and benefits based on indigency. The Trust can allow a third person to be
Trustee after the parents' death and to give that person discretion in making
Party SNTs are those created for the benefit of a person with a disability that
makes that person an appropriate beneficiary of a SNT and are funded with
assets belonging to someone other than the SNT's beneficiary. The easiest
example of a Third Party SNT is where parents of a child with...
Special Needs Planning ("SNP") has emerged as a recognized legal practice area over the past seventeen years following the passage of the Omnibus Budget Reconciliation Act of 1993 ("OBRA"), which provided statutory authority for first-party special needs trusts ("SNTs")...