Stuff I learned about estate planning today

[Guest guest]

Hey guys:

Emotionally exhausting day today. First 12-hour day in a series of 3-day

workshops to actually set up wills, trusts and estate planning for . Just

putting this out there to all my friends with kids with special needs in the

state of Texas, but the biggest thing I took from today is if you or your

husband were to die and you don't have a simple will that says " My dear wife/my

dear husband " gets everything I have and own, when it goes to probate, your

spouse's share will be given to you AND to your children. What that means is if

your kiddo is getting services from the state, i.e., HCS, CLASS, etc., they will

lose their eligibility. I was under the impression that if Jeff or I died, HE

would get or I would get the estate since all the insurance policies we have

named the other person. Apparently that is not the case. Our wills will be done

next month. Until that time, I am printing up a simple will that says this, as

is he, and getting it notarized at the bank (like tomorrow). If was over

18, and this were to happen with us having no will, if he was receiving SSI, he

would lose that and his Medicaid and would never be eligible for it again. If we

were to die, and survives, then he would get our death benefit under

SSA, and he would be able to get Medicare, but he would never qualify for SSI or

Medicaid ever again not even in another state even though he would be considered

below the poverty line. FRIGHTENING. If he were to lose his waiver services,

then he would have to rely on private pay. Even with $1 million dollars in life

insurance, that would only cover about 12-14 years of his care (if costs do not

go up dramatically) as private pay. After that money was exhausted, he would

wind up in the Texas State School system. Also recently heard some horror

stories that if an adult child in these Texas State schools, officials would ask

these individuals if they wanted to leave the school, and if they said yes, they

would take them to the bus station and abandon them. Oh my GOD. I thought fights

clubs was bad enough but abandoning residents on the streets? The phrase " I

need to outlive my child " took on special meaning for me today.

[Guest guest]

Wow!  This is great advice.  Thanks for sharing!  I intend to take care of this this week.  I actually had all this cross my mind today as my husband decided to go zip lining for the first time.  So many of us get so busy and we put this important thing off.  No more!  Thanks!

[Guest guest]

Haven: A little bit more. Some credit cards, like Discover, American Express, will actually take out insurance policies on you to pay off your account if you die. So let's say they give you 20,000 of coverage & your bill when you die is $5000, your estate would get 15,000 and if your estate isn't protected by putting the money into a trust, your kid could lose their waiver program. Also, places like AAA. I mentioned that Wells Fargo offered a 1000 policy for AD & D coverage at " no charge " to me, but never asked me to fill out beneficiary designating papers (I just assumed it would go to Jeff 100%) if it happened. That could put over the edge 1 month and he would lose everything. SCARY, isn't it? If you get traveler's insurance and your plane goes down, better be sure you designate the beneficiary specifically before you leave and make sure it is not your kid. You better be sure I'll be making a LOT of phone calls on Monday to every conceivable account I have. Even account that is open still even if I don't have a charge with them. This could get complicated. A lot of homework before June 16th, the second workshop. Zip lining sounds like a LOT of fun. Hilda From: Texas-Autism-Advocacy [mailto:Texas-Autism-Advocacy ] On Behalf Of Haven DeLaySent: Saturday, May 12, 2012 9:45 PMTo: Texas-Autism-Advocacy Subject: Re: Stuff I learned about estate planning today Wow! This is great advice. Thanks for sharing! I intend to take care of this this week. I actually had all this cross my mind today as my husband decided to go zip lining for the first time. So many of us get so busy and we put this important thing off. No more! Thanks!

[Guest guest]

Hilda,Thanks you so much, and I appreciate you passing along the things you learn.  Keep us up to date after the next session.Haven

[Guest guest]

Where did you go for these classes and was there a charge ??

Thanks,

Subject: RE: Stuff I learned about estate planning todayTo: Texas-Autism-Advocacy Date: Saturday, May 12, 2012, 9:51 PM

Haven:

A little bit more. Some credit cards, like Discover, American Express, will actually take out insurance policies on you to pay off your account if you die. So let's say they give you 20,000 of coverage & your bill when you die is $5000, your estate would get 15,000 and if your estate isn't protected by putting the money into a trust, your kid could lose their waiver program. Also, places like AAA. I mentioned that Wells Fargo offered a 1000 policy for AD & D coverage at "no charge" to me, but never asked me to fill out beneficiary designating papers (I just assumed it would go to Jeff 100%) if it happened. That could put over the edge 1 month and he would lose everything. SCARY, isn't it? If you get traveler's insurance and your plane goes down, better be sure you designate the beneficiary specifically before you leave and

make sure it is not your kid. You better be sure I'll be making a LOT of phone calls on Monday to every conceivable account I have. Even account that is open still even if I don't have a charge with them. This could get complicated. A lot of homework before June 16th, the second workshop.

Zip lining sounds like a LOT of fun.

Hilda

From: Texas-Autism-Advocacy [mailto:Texas-Autism-Advocacy ] On Behalf Of Haven DeLaySent: Saturday, May 12, 2012 9:45 PMTo: Texas-Autism-Advocacy Subject: Re: Stuff I learned about estate planning today

Wow! This is great advice. Thanks for sharing! I intend to take care of this this week. I actually had all this cross my mind today as my husband decided to go zip lining for the first time. So many of us get so busy and we put this important thing off. No more! Thanks!