The L.I.F.E.TM Process.
Where do you start in beginning to plan?
We have developed a step-by-step process to cover all aspects of your life. We call it our L.I.F.E.™ (Lasting Independence For Everyone™) process. I am a firm believer that you must take care of yourself before you can adequately take care of others. I know that as a parent or a spouse or sibling of your loved one with special needs you have always put their needs first and foremost. Through this process, I want you to give you permission to think about yourself and your needs. That is where the L.I.F.E.™ process begins. I. Taking care of yourself
a. Your dreams & goals
b. Define your own financial independence (retirement)
c. What is the impact of your own Long Term Health Care needs?
II. Making sure your family is secure regardless of the situation
a. What happens to your family in the event of your death?
b. What happens if you get injured or sick and can’t work?
c. How much do you need to have on hand for emergencies?
d. What will it cost to educate your children?
e. Understanding & controlling where your money goes each month
III. Ensuring your special needs loved one enjoys a secure, comfortable, and meaningful life whether you are here to provide it or not
a. Addressing Primary Issues
b. Estimate Probable Costs
c. Identify Financial Resources
d. Government Benefits
i. What are they?
ii. How do they work?
e. Choose a Guardian
f. Prepare Will
i. Beneficiary Designations
g. Choose Trustee
i. Do I use a family member or close friend?
ii. Do I use a corporate trustee?
iii. Can I divide the responsibilities between an individual and a company to take advantage of the strengths of each?
h. Establish Special Needs Trusts
i. Understand your options
ii. Learning about the various types and how they operate
iii. Methods of Funding a Trust
1. Annuities
2. Mutual Funds
3. Stocks and Bonds
4. Real Estate
5. Legal Settlement
6. Life Insurance
iv. Do you fund while you are alive or after your death? How do you fund it?
1. Lump Sum Payments
2. Annual Payments
3. Life Insurance
v. Who can fund the trust?
vi. Why a Special Needs Trust?
1. Provides for items above and beyond Medicaid and SSI
a. Dental Care
b. Birthday Gifts
c. Professional Fees
d. Camps, Recreation, Entertainment
e. Vacations and Trips
f. Basic care if social/government benefits are cut
2. It provides funds to give your loved one L.I.F.E™., not just an existence.
3. Protection from the forfeiting of government benefits
i. Create a L.I.F.E™. Journal for your loved one
i. Complete Medical History
ii. Day to Day Practical Advice
iii. Your Hopes and Dreams for your loved one
j. TAKE ACTION and Implement plan with proper tools
k. Draft Family Care Notice to extended family members to ensure their estate documents are set up properly so their plan is also correct and does not put in jeopardy your loved one’s future.
As you look at the pieces of this process it can seem a bit daunting. It can even be daunting for the financial and legal professionals that don’t work in this area on a regular basis. That is the reason for the creation of A Special Needs Plan—to help you and your family through this process. It will be worth the investment of your time and money because your and your loved one’s L.I.F.E.™ is worth it!