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Derek Stone

Circle of Support

When putting together a Life Plan for your Special Needs loved one, you will want to make sure you include a comprehensive list of all the important people in your life, especially the people that will play an integral part of your loved one’s life if you are no longer around.Read More »Circle of Support

Special Needs Trust Annual Budget

In planning for your loved one’s future (or if you are already administering a trust as the trustee), one of the critical steps you need to take is calculating how much the beneficiary can spend per year (or per month) for a given trust value.  Based on the current value (or your estimated trust value based on what you plan to leave the trust when you are no longer around), you can make a few simple calculations.Read More »Special Needs Trust Annual Budget

Guardianship and Conservatorship

A quick summary of what they are and who they are for?

Guardianship is an appointment by a court that gives a person (or agency) the decision making authority and responsibility for another adult who is unable to make these decisions on their own.

Conservatorship is an appointment by a court that gives a person (or agency) the decision making authority to manage financial and property matters for another person who is unable to make these decisions on their own.

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Durable Powers of Attorney

What is it and what does it do?  A competent, responsible adult should consider having a Durable Powers of Attorney.  This legal document allows a person (the Principal) to appoint another person or organization (the Agent or Attorney-in-fact) to act on his or her behalf in all matters designated in the document.  Read More »Durable Powers of Attorney

Trustee(s) Duties

Are you creating a Special Needs plan for a loved one and find yourself trying to determine if you should name a family member as the trustee or if you should use a professional corporate fiduciary as the trustee?  It is not an easy decision.  You will usually find peace of mind knowing a family member is involved.  However, before you make that determination, you should consider some of the duties your trustee(s) might expect to perform.  Here is a summary outlining the types of duties likely to come up:Read More »Trustee(s) Duties

Budgeting for a Special Needs loved one

Are you planning for the future of your Special Needs loved one?  Often the first question you will ask is, “how much money will they need in the future”?  The answer to that simple question is not so simple.  There is a complex array of factors that you must consider when carefully making this assessment.  Additionally, the number you come up with today may not be the same number you come up with later on down the road.  The amount required of your loved one will be a moving target as circumstances change, needs or desires change, or abilities of the individual change.  Therefore, you should do your best to plan for today, and make adjustments as often as necessary.Read More »Budgeting for a Special Needs loved one

Financial Concerns when planning for a Special Needs person

When planning for the future of a Special Needs loved one, having a financial game plan is essential. You need to consider where future funding will come from, what are some possible future costs, and how to estimate their needs.  Please keep in mind these simple concerns when putting together your financial plan for the future of your Special Needs loved one.Read More »Financial Concerns when planning for a Special Needs person

Types of Special Needs Planning

A family with a Special Needs loved one is in a unique situation when it comes to planning for their future.  You may be planning for a loved one that is currently receiving government benefits or you may simply be concerned about their vulnerabilities to financial predators.  Either way, you need to carefully plan for the day when you are no longer around.  Read More »Types of Special Needs Planning

Successor Trustee for a Special Needs Trust

Have you been named as a successor trustee of a Special Needs Trust or are you creating a trust and need to select someone for that role?  If the answer is yes, you might be wondering what you should do, where you should begin, and whether or not you are prepared for that role?  The following checklist will provide you direction if you are about to embark in that role or if you are deciding who you should name as your successor trustee for a Special Needs Trust.Read More »Successor Trustee for a Special Needs Trust