PIECE BY PIECE: Breaking down IEP review and estate planning into smaller, more manageable tasks makes these seemingly overwhelming projects much more feasible.
ESTATE PLANNING : REVIEWING AND UPDATING
Making manageable goals for estate planning tasks should make 2023 a successful year.
Estate planning is something that often remains at the bottom of the list of things to do. However, it is essential to protect your family, especially your children with special needs, by doing a quick review and update. We recommend you start by pulling out your old documents to review them. Things to look for include:
- When did you last update or review your documents? If it has been more than 5 years, or if your family has experienced significant changes since the documents were signed (i.e., birth of more children, change in your marital status), we recommend sitting with your attorney to review and advise if any changes are needed.
- Have you indicated your selection of guardians for minors as well as adult disabled children?
- If you have disabled children, have you directed their inheritance into a Special Needs Trust in order to protect their eligibility for means-tested government benefits?
- Do your estate planning documents include a Last Will and Testament, a Durable Power of Attorney, a Healthcare Directive and a Funeral Disposition Representative Document?
There are other things to consider that are not addressed within your Will. For example:
- You should also review the beneficiary designations of your retirement plans and other accounts, to confirm that nothing is going directly to a beneficiary who is, or will be, receiving government benefits or is a minor beneficiary. A disabled beneficiary's share should go into a Special Needs Trust, and a minor's share should go into another protective trust.
- If your child with special needs is age 17 or older, you should consider guardianship or another protective arrangement.
- If your child with special needs is age 18 or older, you should apply for Supplemental Security Income (SSI) and Medicaid on that child's behalf.
Breaking down the larger projects of "IEP review" and "estate planning" into smaller, more manageable tasks should set you up for success in 2023. It also makes these seemingly overwhelming tasks much more feasible. In the end, you will appreciate the peace of mind you will give yourself when you can cross these off of your mental or actual "to do" list. Most importantly in 2023, take time for yourself. You deserve it! •
If you have questions about preparing for your annual IEP review, or your estate plan, please contact Manes & Weinberg, LLC, to discuss your family's needs and options. (973) 376-7733 kathy@manesweinberg.com manesweinberg.com
ABOUT THE AUTHOR:
Beth C. Manes, Esq., is a founding member of Manes & Weinberg, Special Needs Lawyers of New Jersey, LLC. She is licensed to practice law in New Jersey, where she has been practicing for over 25 years. Her practice concentrates in Special Education Law, Special Needs Planning, Guardianships and Estate Planning. Beth is also active in her community, raising puppies for the Seeing Eye of Morristown, and serving as a member of her synagogue's Accessibility and Inclusion Task Force. Beth resides in Essex County with her husband, several dogs, and whichever adult children are home at the time. Beth loves to travel; her favorite vacations are on a bicycle, in a tent, or observing animals not typically found in New Jersey. Beth started her career in corporate law but did not like the impersonal nature of the practice and decided to change direction. After a few more turns in her career path, Beth searched for the field of law where she could have the most impact and discovered a love for special needs advocacy and planning.