EP 30: Three Most Important Things to Review: Special Needs Planning for 2020

Special needs planning takes front and center on the Special Needs Survival Podcast this week. Annette talks about what any family or caretaker needs to understand going into the year 2020 when it comes to planning for the future.

Annette quickly goes over the SECURE Act which was just signed into law. The SECURE Act provides some flexibility and opportunities when it comes to tax planning and distributions when using special needs trusts. If you have a special needs trust or you should have a special needs trust, Annette says it’s a must that you sit down with your attorney to review your plan.

Then, Annette discusses why this is a good time to review all the individuals who have roles to play in your special needs plan. Look at your list of selections for guardians, those with power of attorney, trustees and those involved in any health care proxy. Annette says particular attention needs to be placed on guardians. She also suggests perhaps using a trust protector and she explains what that is in the podcast episode.

Annette also strongly suggests creating a Letter of Intent in your special needs planning. She talks about what this is and why it is vitally important. It details all the wishes you have for your special needs loved one from guardians and family roles all the way down to what doctors and other professionals you want to be in your loved one’s life. And small details as well that might turn out to be major factors in someone’s life. 

Annette wraps up by going through a few other times including reviewing assets, a move across state lines and so much more.

If you have done special needs planning or you need to do so, you’ll need to listen to this podcast.