The Special Needs Planning Process
Establishing a Wispact Trust
- Meet for a consultation. Gather information about your current benefits, the inheritance or other money received, and its immediate effect. Discuss options for different types of special needs trusts.
- Prepare the Wispact Contribution Agreement and application documents needed to establish a Wispact sub-account. Meet to sign everything.
- Get a cashier’s check or otherwise arrange the transfer of the extra money to the trust.
- Submit everything to Wispact.
- Wispact approves the application and established the sub-account, usually within 2 weeks.
- Give any required notice to government agencies.
Planning for a Child
- Meet for a consultation to gather information about the family, estate, and the child with a disability. Discuss options for different types of special needs trusts.
- Meet to discuss the details and design the special needs trust.
- I draft the special needs trust and send it for your review.
- Answer questions and modify the draft trust as needed.
- Meet to sign the special needs trust, along with any other estate planning documents.
- Arrange for funding of the special needs trust by updating beneficiary designations and recording TOD designations, as needed.