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We will continue to include the weekly updates and articles you have grown accustomed to, and best of all, we will include a number of very important elements. 

1. Important updates in the areas of trust, estates, and elder law;
   
   
2. Special Farr Law Firm announcements, such as future community charity events and how you can participate;
   
   
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4. Client and Colleague Appreciation Giveaways! Just like the contest we have going on right now -- we are giving away a Samsung Galaxy Tablet to one lucky person on this list; good luck in Friday's drawing!
   

"Special Needs" Children account for about 14% of all U.S. children (10.2 million), according to a recent survey by the Health Resources and Services Administration, part of the U.S. Department of Health and Human Services.

Families with special needs members should seriously consider a "Special Needs Trust."  There are many excuses families use to avoid setting up a Special Needs Trust, but here are three of the most common rationalizations, plus my expert reply:

Excuse: "I will let my children take care of the money matters when I have passed.  I'm sure Suzy's very competent brother and her two sisters will take care of her.  After all, she is their sister and they love her dearly."

Response :  Without a plan in place, Virginia law dictates who takes what, and in what order. The body of law is referred to as "laws of intestacy" or "intestate succession."  What is the problem with a special needs child receiving assets under the Virginia intestacy laws?  He or she may forfeit important benefits due to the complicated rules pertaining to such public benefits.  A more expensive trust may need to be created; this is not the ideal planning solution for the family, the lawyer, the individual with special needs, or relatives of the person with special needs.

Excuse: "A Special Needs Trust is just out of the question; our family cannot afford one right now."

Response :  What is the cost of care for a handful of months for your special needs family-member?  If it is substantial, you should rethink this line of reasoning.   If you pass away without a special needs trust or proper planning otherwise, it may take several months to put a plan for the special needs child or family member in place. 

Excuse: "I have named my child as a life insurance beneficiary (or retirement account)."

Response: Although avoiding the probate process is a desirable trait of proper estate planning and is one attractive feature of a trust in general, it could have a detrimental effect down the road for eligibility purposes and public benefits.

For example, benefits could be lost immediately upon the death of the parent, while the probate process would, in many cases, take a couple of months to get in motion.    

For more information on Special Needs Trusts, visit our website: Click Here