What is the ideal future you imagine for your special needs child when you look ahead? It might look something like the life of Frank Calloway; living to a contented old-age, spending time with memories of the past and engaged in an activity which brings great pleasure and peace. Most of all, looked after by competent and caring individuals who are truly concerned with his best interests.

But how can this dream be achieved on the $2,000 total assets that Medicaid recipients are allowed to have without losing their government benefits? How can responsible parents safely leave an inheritance to their special needs child? For Frank Calloway, part of the answer to that question is having a special needs trust.

Unfortunately, according to this article by Ryan Ori, not all parents know about the benefits of a special needs trust, or how easy it can be to create one—with the right help. A special needs trust is the vessel that will hold your child’s inheritance (from you or from another source such as grandma or grandpa) without disrupting that child’s government benefits. It gives your child the funds they need beyond the basic living expenses provided by SSI or Medicaid.

If you are interested in this tool, you will need to contact an attorney to help you with its creation. A special needs trust is not the kind of document that can be found in a software package or created from a standard trust template. The needs of your child are unique, and should be addressed as such. And an attorney will know about any state-specific regulations that will affect your trust.

After much thought and soul-searching you have finally decided the time is right to create your estate plan. Congratulations! But wait, how do you find the right attorney to help you in this endeavor? Opening the phone book to “L” for Lawyer won’t yield the best results. You don’t want just any attorney, you want and experienced attorney who will answer your particular needs. Here are five steps to help you find that attorney:

1. Get a referral from a friend or other trusted advisor. A good friend is likely to have needs and preferences similar to your own, and a current advisor is already familiar with your financial situation. A referral from either of these sources is a good place to start looking, and more likely than any other source to provide you with an attorney who is compatible with your family.

2. Attend an estate planning seminar in your area. Many estate planning attorneys host complimentary public educational seminars. Attending one of these seminars is an ideal way to learn about the estate planning process, while getting a feel for the attorney in a low-pressure environment. If you “click” with the attorney, chances are you can make an appointment right then and there to meet further. If you don’t like the attorney, you walk away with more knowledge than you had before.

3. Research your attorney’s background. There are some wonderful websites out there to help you do this. Avvo (http://www.avvo.com/) shows ratings of attorneys by clients and peers, lists disciplinary sanctions if any, and gives a history of the attorney’s public contributions and areas of practice. Another resource is martindale.com, which lists an attorney’s experience and credentials, while also allowing you to do a side by side comparison.

4. Make an appointment to meet with and interview your attorney. Most law firms will make complimentary introductory appointments for new clients. These are short (15-30 minutes), but even a short appointment can be enough to give you a feel for whether a firm is right for you. In addition to interviewing the attorney, take note of the office and staff; are the surroundings comforting and friendly, does the staff seem happy and helpful? This is just as important as the education and experience of the attorney.

5. Ask about the price. Let’s face it, money matters. You may not want the same estate plan as the Rockefellers, but neither do you want a canned will that won’t hold up in court. Discuss price ranges with your attorney at your first interview. Don’t pay for more than you need, but be ready (and willing) to pay for quality work and service.

With these five steps you will be well on your way to finding the perfect attorney for your estate planning needs. Good luck and happy hunting!

There has been much noise made in the news recently about Leona Helmsley giving all of her millions to her dogs. But if you leave aside the incredible amount she left, her actions are not all that unusual. There are many people whose definition of family includes a beloved pet; and for those people, providing for the pet when the owner has passed away is no small priority.

According to the AVMA US Pet Owners Demographic Sourcebook, more than half of U.S. households include some kind of pet. If you are one of these animal-loving households you know that your pet is not only an integral member of the family, it is completely dependent on you for its basic needs as well. If anything were to happen to you, what would happen to your pet? Can you be assured your pet would be well cared for? Leona Helmsley is not the only one asking this question. Many pet owners have found that when they create trust to provide for their dependents, they can provide for their animal dependents at the same time.

The options when it comes to providing for your pets are almost as many and varied as any other part of your estate plan. It can be as simple a memorandum of intent nominating caretakers, or as elaborate as Helmsley’s full-blown trust providing financial support and final expenses. However you choose to put the pieces together, the most important component in providing for your pet is choosing a trustee and caretaker who understand and respect your wishes. Having people you trust in those roles are your pet’s best insurance.

Pets don’t have the same rights and considerations under the law as people. A memorandum of intent is helpful if you have caretakers and trustees who have the same values as yourself. But as the New York Times article says, “an expression of [your] wishes is not necessarily legally binding.” If you have a pet you want to provide for after your death, speak to your attorney about which option is best for you.

Just about any estate planning attorney will tell you that the process of creating a plan is almost always initiated by one partner (usually the wife) with the other partner merely along for the ride. It’s not always easy to get your other half on-board.

The fact is that estate planning is best done as a team. It is very difficult to start the process with just one partner participating. So if you are having trouble getting your spouse on the same page, here are a few suggestions to help get the wheels turning:

1. Inform your spouse that in fact you already have an estate plan—the one provided for you by the state in which you live. And you can be sure the government didn’t have your convenience or wishes in mind; it often includes a lengthy probate process, and high fees and estate taxes.

2. Talk to some friends who have already created their estate plan. They will be able to tell you that the process is relatively simple, and the questions that arise often lead to discussions that can strengthen your relationship. Clients almost always leave feeling that a huge weight has been lifted.

3. Come at it from a new perspective. It sometimes helps to stop talking about what kind of planning you want to do, and talk instead about what kind of planning you would like your parents to do. Considering the time and effort you have in store for you as a beneficiary can be a great motivator as a grantor.

4. Take your partner with you to talk to your attorney. Chances are, even if he’s reluctant, your spouse has at least one question about estate planning, even if that question is “I don’t have any significant assets, why do I need an estate plan?” A knowledgeable attorney is the best person to provide the answer. And a really good attorney knows how to be informative without being pushy.

No one can force another person into something they aren’t ready for yet, but hopefully the suggestions above will help lay the groundwork for a happy and successful planning partnership.

One of the most common questions asked during the process of creating a trust is “Is it better to have an individual or a corporate trustee?” The easy answer to that question is that there is no easy answer. There are advantages and disadvantages to both, and the best choice for your trust will depend not only on your circumstances, but also on your personal comfort level. We can, however, make the question a little bit easier to answer by looking at the pros and cons of each choice.

An individual trustee has the benefit of knowing you and your family well, and is likely to fulfill your wishes for your beneficiaries accordingly. You can expect that as a friend, your trustee will remain close to your family and stay on top of changing circumstances and financial needs. On the down side, the individual you choose may lack significant investment experience, and have to hire professional help—at the expense of the trust. And in some cases, having a personal friend in charge of making distributions can end up straining the friendship.

A corporate trustee, on the other hand, is impartial, and will make uniform distributions based specifically on your wishes as defined in your trust. A corporate trustee has access to resources and professionals with plenty of knowledge in the areas of investment and tax law. The drawbacks of a professional trustee are that they are indeed impersonal, and will follow the letter of your trust, not the spirit of it. A corporate trustee is also not likely to know when your beneficiaries’ financial needs have changed. Finally, official channels and red tape may make it more difficult for your beneficiaries to ask questions, request changes, or lodge complaints.

Because there are so many pros and cons to both individual and corporate trustees, some grantors have chosen to compromise by naming an individual to work in conjunction with a corporate trustee. Others have asked friends with legal or investment experience to serve as their trustee.

If you are unsure which choice is best for your trust, talk it over with your attorney. We have experience with the entire range of trustee options, and can help you make a choice that will bring peace of mind to both you and your beneficiaries.

“Happiness is having a large, loving, caring, close-knit family . . . in another city.”
– George Burns

To those who start hyperventilating at the mere thought of a family reunion it’s almost inconceivable that there are some families who would choose—in addition to spending their leisure time together—to work together as well. But to a generation that has seen the trustworthy big businesses disappoint or betray their employees time and time again, the old adage “blood is thicker than water” doesn’t seem so outdated anymore.

In fact, family-owned businesses may be more pervasive than you think. Pervasive enough for Business Week Online to compile a Special Report focused exclusively on Family-Owned Businesses.

Family businesses are the oldest business in existence. Ever since pre-historic man first dragged a son with him to hunt for skins to trade to the neighbors, it has been an honored and respected tradition. Skills can be honed and passed from parent to child almost as naturally as breathing, and when your kids know they may end up caring for you in your old age they aren’t likely to skimp on the retirement benefits.

Family businesses are in a unique and enviable position because they straddle generations; and if they’re smart they have a hand in each one. The Business Week Online article Room to Grow gives some great examples of how to draw the younger generation into the business—and break into new markets in the process.

Of course, a family run business has its own unique challenges as well, first and foremost of which is succession planning. What is the best way to hand the business to the next generation? Is it something you should be thinking of yet? Business Week Online’s special report addresses this issue as well with their article A Transfer Tsunami for Family Biz.

In a world where large corporations are increasingly unreliable and unfriendly, family businesses are stepping into the spotlight. If done right, they can embody the best qualities of a close-knit family while letting advisors and receptivity help them avoid the worst. Alex Haley, the author of Roots, and a man who knew a little bit about family, said it best; “In every conceivable manner, the family is link to our past, bridge to our future.”

When it comes to retirement plans there is no one-size-fits-all situation. And not all plans are created equal. A traditional family will need a different plan than a blended family with stepchildren; a divorced man will need to plan differently than one who has never been married. How can you know which plan is right for you?

The New York Business Wire has published an article with a series of tips to help you plan for your unique retirement situation. The article caters specifically to non-traditional circumstances—such as blended families or single women—and the distinct challenges they face.

One of the article’s recommendations is to establish a trust to protect your estate from ex-spouses and keep it safe for your children. As a firm that has helped a number of families set up trusts to keep their retirement intact for the benefit of their children, we know what a crucial step this can be.

If you’re wondering whether or not a trust is really going to have what you need to achieve your goals, you should know that there are as many types of trusts to protect your retirement as there are families who need protection. Some families may want a full-blown Retirement Trust; others may be satisfied with the protections offered by the basic Revocable Living Trust. Whatever your intention, a trust can help you attain it.

Whether your situation is traditional or not, each family’s needs are unique. Talk to your attorney and financial advisor about your plans for retirement. Make sure your future is protected—for yourself and for your loved ones.

Parenting is a tough job, with an ongoing list of things to do and never enough time in which to do them. The school days are laden with frantic employment; lunches and homework, field trips and afterschool activities. Most parents barely have a chance to catch their breath until they fall into bed at the end of the day. Who has time to think about estate planning?

Once the summer months roll around the temptation to relax into a cool pool with a tall iced-tea can be overwhelming, especially when you know that busy family vacation is coming up soon.

Tempting as it may be to put off your estate planning for just one more week or month, the best thing you can do—for yourself and for your family—is to dig in and call your attorney right now. The high-travel time of summer is full of potential danger, and you’ll feel much more relaxed on your family vacation if you know you’ve taken steps to provide for your children with a trust and nomination of guardians if something happens to you.

Even putting aside potential travel dangers, summer is a busy time in hospitals right here at home, with heat stroke, poisonous animal bites or insect stings, not to mention bone-breaks and muscle strains. Any hospital visit will be made much smoother if you have an updated Health Care Directive and HIPAA in place.

Take advantage of these slower days of summer to protect your family and give yourself peace of mind. All of your summer activities will be more enjoyable when you know you have a safety net in place for your spouse and children should something happen to you. If you don’t act now those busy autumn school days are just around the corner, waiting to fill your leisure hours with frantic activities once more.

There are some people who might question the patriotism of those who would try to arrange their affairs to pay a lower amount of taxes. But how much truth is there in that?

Is it unpatriotic to want to work within the limits of the law to reduce the amount of taxes you pay?

Everyone will have their own opinion about this, and we welcome you to join the conversation by leaving a comment. To begin the discussion we give you the opinions of two distinguished American jurists:

“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands: Taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant. “

— Honorable Learned Hand, U.S. Appeals Court Judge, Helvering v. Gregory, 69 F.2d 809 (1934).

“I live in Alexandria, Virginia. Near the Supreme Court chamber is a toll bridge across the Potomac. When in a rush I pay the dollar toll and get home early. However, I usually drive a free bridge outside the down- town section of the city, and cross the Potomac on a free bridge. The bridge was placed outside the downtown Washington D.C. area to serve a useful social service: getting drivers to drive the extra mile to help alleviate congestion during rush hour. If I went over the toll bridge and through the barrier without paying the toll, I would be committing tax evasion. If, however, I drive the extra mile and drive outside the city of Washington, I am using a legitimate, logical and suitable method of tax avoidance, and I am performing a useful social service by doing so. For my tax evasion, I should be punished. For my tax avoidance, I should be commended. The tragedy of life today is that so few people know that the free bridge even exists.”

— U.S. Supreme Court Justice Louis D. Brandeis

How is your business doing this summer?

The warm months from June to August can be an excruciatingly slow period for some small businesses and their owners. They experience a slow summer slump while their client base goes off on vacation or relaxes at the beach. But rather than viewing this time with dread, why not look at the summer slump as an opportunity? This slow period can be a great time to delve into the inner workings of your business and make improvements, as this article by Colleen LeBaise on Smart Money’s Small Business site recommends.

Having just passed the second quarter milestone, summer is the perfect time for business owners to execute their midyear check-ups; reviewing performance and finances from the first half of the year and planning ahead for the next half. DeBaise’s article has further suggestions for turning these idle summer days into productive powerhouse moments, including networking with professionals and creating a disaster plan.

During this time when you are performing your reviews and making plans for the future is a perfect time to touch base with your estate planning attorney, who can help you plan not only for any possible natural disasters, but for legal, financial, and personnel disasters as well. And while you’re there, your estate planning attorney is a great person to ask about networking opportunities or to help you review your business plan.

Take advantage of these slow summer months to get done all those things you only have time to think about during the busy portion of the year. Before you know it business will be heating up as the weather cools down in fall, and then the holidays will be upon us. Give yourself a head start in these long dog days of summer.