Planning for Tomorrow: The Child With Special Needs

On Friday, July 17 our own Ray Falcon, a past president of our club and chairman of the Special Needs Committee for District 7490 presented an informative talk entitled “Planning for Tomorrow: The Child with Special Needs”. Ray is a founding principal of Falcon Singer, P.C., the only law firm certified as a B Corp in New Jersey and one of only two in New York to achieve this distinction. In his talk he reviewed many of the key areas that the parents of special needs children must consider in planning for the future well-being of their special children.

 

Who will care for the child when they cannot? Where and with whom will the child live? What government benefits are available to help the child and how will the child qualify? What happens when the child turns 18 and becomes a legally emancipated adult for whom the parents can no longer make medical, financial, or educational decisions?

 

Ray answered all these questions and more in a comprehensive talk that concluded with the following suggestions to be considered and acted upon by those responsible for children with special needs: 1) Create a Memorandum of Intent to help guide family members, caregivers and others in understanding the needs, preferences and wishes of the child; 2) Calculate the future financial need of the child; 3) Establish a Special Needs Trust through your will or living trust to supplement the cost of living expenses not covered by other income sources; 4) Name the SNT as beneficiary of your will, accounts and plans; 5) Consider guardianship and other options; 6) Prepare your own Estate Plan including a will, power of attorney and advanced directive.

 

It is not possible to convey all of the information provided by Ray in this limited space. Should you desire additional information contact Ray’s offices at 201-307-0074 or visit http://www.falconsinger.com