Life and Estate Planning for Families With Special Needs - PowerPoint PPT Presentation

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Life and Estate Planning for Families With Special Needs

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  1. Life and Estate Planning for Families With Special Needs Matthew Bogin, Esq. 5454 Wisconsin Avenue Chevy Chase, MD 20815 301- 656 - 1755 Matthew.Bogin@boginlaw.com

  2. Introduction • What we will cover • Why it is important Matthew.Bogin@boginlaw.com

  3. Things to Know • SSI • SSDI • MEDICAID • MEDICARE

  4. The Importance of Estate Planning Matthew.Bogin@boginlaw.com

  5. Six Reasons to Plan Your Estate Matthew.Bogin@boginlaw.com

  6. Estate Planning Steps Matthew.Bogin@boginlaw.com

  7. What is a will? Wills • Ensure Compliance with state law Matthew.Bogin@boginlaw.com

  8. How is a Will Created? • Do not forget to comply with all formalities Matthew.Bogin@boginlaw.com

  9. What Assets Does a Will Cover? • Issues with life insurance • Issues with retirement plan assets Matthew.Bogin@boginlaw.com

  10. What Happens if a Person Dies Without a Will? • Why intestate succession is a problem Matthew.Bogin@boginlaw.com

  11. Letters of Intent • While not “legally binding” they are extremely important Matthew.Bogin@boginlaw.com

  12. What is a trust? Trusts • Compliance with state law Matthew.Bogin@boginlaw.com

  13. How is a Trust Created? Matthew.Bogin@boginlaw.com

  14. Revocable Versus Irrevocable?

  15. Trusts Created and Funded by Someone Else Trusts Funded with Funds Belonging to a Person with a Disability Special Needs Trust Matthew.Bogin@boginlaw.com

  16. Third Party Trusts • The preferred vehicle Matthew.Bogin@boginlaw.com

  17. First Party Trusts • Remember whose funds and do not co-mingle Matthew.Bogin@boginlaw.com

  18. How Much Money? • When should trusts be funded • How should trusts be funded Matthew.Bogin@boginlaw.com

  19. Who Should Be the Trustee? • Individuals vs. Corporate Trustees

  20. Guardianship Matthew.Bogin@boginlaw.com

  21. Guardian of the Person Matthew.Bogin@boginlaw.com

  22. Guardian of the Property Matthew.Bogin@boginlaw.com

  23. What is the Process? Matthew.Bogin@boginlaw.com

  24. Why are these important? FAMILY LAW ISSUES Matthew.Bogin@boginlaw.com

  25. Surrogate Decision Making Matthew.Bogin@boginlaw.com

  26. Durable Powers of Attorney Matthew.Bogin@boginlaw.com

  27. Long Term Care • Why is it important for parents Matthew.Bogin@boginlaw.com

  28. Estate Planning for Families With Special Needs Matthew Bogin, Esq. 5454 Wisconsin Avenue Chevy Chase, MD 20815 301- 656 - 1755 Matthew.Bogin@boginlaw.com