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LEGAL PLANNING CHECKLIST
Many of the concepts outlined in the Life Plan reflect current laws
governing last Wills and Testaments and Special Needs Trusts. Because laws may
change over the years, parents should review their Life Plan with DISABILITY
SERVICES & ADVOCACY, LLC and an attorney who specializes in special needs law at least once
a year to make sure that it will still function as planned or to make necessary
modifications. |
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 | The completed program should be reviewed with all Trustees, Successor Trustees and
proposed Guardians at your earliest convenience. Copies of the will and Trusts
should be given to your Executor and Successor Trustees. Place copies of all the
necessary documents in the appropriate sections of the binder as soon as possible.
Please keep the binder with the originals in a safe place. |
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| Establish the appropriate Special Needs Last Wills and Testaments and Special Needs
Trusts with a qualified attorney. |
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| After creating the trust, go to a financial institution to open a trust
checking or savings account. You will need the following items:
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An original Trust Agreement with one copy to leave with the financial
institution if they require a copy.
EIN/IRS Trust Numbers.
Proper identification, e.f., driver's license.
Sufficient funds to open the account.
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| A Special Needs Trust is a living trust, so use it on a regular
basis. The trust should fund all supplementaty purchases for the special needs
child. Do not commingle the Special Neeeds Person's SSI/SSA checks in the trust
account. However, if you charge rent, which you use to supplement your child's
needs, you can place it in the trust.
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| It is essential that you remove the special person as a beneficiary on
all existing financial programs, e.g., employer-sponsored retirement plans, personal
IRA's, KEOGH's, life insurance policies. You must list the trust as the beneficiary.
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| If you ever have any questions concerning this plan, please feel free to contact your
Life Planner. Direct legal questions to the attorney that prepared the Wills and
Trusts. |
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