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We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. × /sites/all/themes/penton_subtheme_wealthmanagement/images/logos/footer.png Google Tag Manager Skip navigation Informa Wealth Management is part of the Informa Connect Division of Informa PLC * Informa PLC * About us * Investor relations * Talent This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726. Discover: * News * Investment * Wealth Planning * Practice Management * Real Estate - WMRE * WMTV * More * Trusts & Estates * RIA Edge * RPA Edge * Edge Events * Wealth Management Magazine * WMRE Magazine * Forums * Event Calendar Menu Log In or Register * News * Investment * Individual Wealth * Wealth Planning * Practice Management * Real Estate - WMRE * Technology * RIA Edge * RPA Edge * Research / WMIQ * Webinars & Whitepapers * Podcasts * WMTV * Edge Events * WM Industry Awards * Trusts & Estates * Wealth Management Magazine * WMRE Magazine * Forums * Evolution of Retirement * Nasdaq Exchange Insights * The Right People. The Right Technology. * Subscribe: WealthManagement * Subscribe: Trusts & Estate * Subscribe: WMRE Magazine * About Us * Contact * Advertise * Newsletter * Privacy Statement * Terms of Service * Cookie Policy * Ad Choices * Search * Log In * Register * Free Newsletter Sign-up Recent Recent Some SFR Investors Are Slowing Their Pace of Acquisitions. What does this portend? Aug 31, 2022 -------------------------------------------------------------------------------- The Wing’s Last Remaining Co-Working Spaces Are Shutting Down Aug 31, 2022 CI Financial’s US Deal Spree Gets a Cold Shoulder From Investors Aug 30, 2022 Some Buyers Hunt for Opportune “Stressed” Hotel Investments Aug 30, 2022 Featured The 10 Best and 10 Worst States in Which to Retire in 2021 Jul 15, 2021 Poll: 15 Classic Books on Investing and the Markets Apr 03, 2020 Fifteen Must-Listen Business Podcasts for Advisors Aug 14, 2020 Celebrity Estates: Jay Leno and Planning for Classic Car Collections Feb 22, 2022 Wealth Planning>Estate Planning ESTATE PLANNING CONSIDERATIONS FOR MENTAL ILLNESS Mental health challenges are now the norm among employees across all organizational levels. Laura M. Brancato, Mary O'Reilly | Aug 31, 2022 Save A good estate plan is only effective if it contemplates the long-term needs of both the client and the ultimate beneficiary of the plan, and a failure to consider the complexity of those with special needs—beyond the inclusion of a special needs trust (SNT)—might ultimately make even a superior estate plan ineffective. One such issue that’s far more prevalent than one would think and requires the attention of estate planners is mental health. As planners, we must employ our critical legal skills to properly address the very unique needs of clients and their family members, who are (or who could become) disabled by reason of a mental health diagnosis. Estate-planning practitioners might not consider mental health diagnoses as qualifying conditions that would cause a client or beneficiary to be classified as a disabled individual. In fact, an individual can be considered disabled by Social Security Administration (SSA) standards if they meet the SSA’s definition of “disabled.” As defined by the SSA Blue Book, an individual is disabled if they suffer from an illness or injury that prevents them from performing “substantial gainful activity” (that is, the ability to sustain paying work) for at least a year or that will likely result in death. The SSA guidelines include as qualifying conditions the following cognitive and mental health conditions: bipolar disorder, anxiety and obsessive-compulsive disorders, depression, intellectual disabilities and schizophrenia. This isn’t an exhaustive list, and a diagnosis of one or more of these conditions won’t automatically trigger a determination of disability by federal SSA standards. Prevalent Issue In 2020, for the first time ever, behavioral health disorders became the number one cause of disability worldwide surpassing all other illnesses, including cancer, diabetes and heart disease. The National Alliance on Mental Illness reports that more than 59 million Americans experienced mental illness in 2020, representing more than one in five American adults. Studies also showed that 17 million U.S. adults experienced a co-occurring substance use disorder and mental illness in 2020. Surely those numbers can only be expected to rise as a result of the many stressors brought on by the COVID-19 pandemic. Unfortunately, the issues pertaining to mental health aren’t limited to the adult population. New Centers for Disease Control (CDC) data released at the end of March 2022 reveals that the mental health of teens declined further during the pandemic, and more than a third (37%) of high school students said they have experienced poor mental health. CDC studies also revealed that more than one in three high school students had experienced persistent feelings of sadness or hopelessness in 2019, a 40% increase since 2009. Some of the affected teenage population will most certainly develop serious, diagnosed mental health conditions that may well qualify them as disabled individuals once they reach the age of majority. Mental health challenges are now the norm among employees across all organizational levels. A recent article in the Harvard Business Review revealed that 76% of respondents reported at least one symptom of a mental health condition in the past year, up from 59% in 2019. Creative Planning Solutions As estate-planning attorneys, we’re experts at establishing intricate and well-reasoned estate plans that minimize taxes and successfully pass the family business or wealth to the next generation. Trust planning plays a central role in effective plans and provides beneficiaries with access to their inheritances while ensuring that their wealth is protected from creditor claims and from future estate taxes when possible. Clients with beneficiaries who aren’t financially savvy or who are spendthrifts can appoint trusted advisors or corporate fiduciaries as trustees to be stewards of assets for the beneficiary and the generations to come. To achieve a client’s planning goals, practitioners will go to great lengths to create provisions that effectively carry out the client’s intent. For example, they can establish trusts in other states or foreign jurisdictions to take advantage of favorable trusts laws and divide trustee investment and distributions decisions among different parties. Trust provisions can even include bespoke distribution terms to ensure beneficiaries are provided for but not spoiled and may name a trust protector to oversee the entire plan. Known as providing “dead hand control,” trusts serve almost as a proxy for the client to ensure wealth can successfully pass from generation to generation. This traditional trust planning can work wonderfully for the average beneficiary who might only need investment guidance and management of distributions. Consider the following, however: Recent CDC data indicates that nearly one in four Americans live with some type of disability. Accordingly, practitioners must plan under the assumption that “average” beneficiaries aren’t the only individuals who need be considered. Families who have a loved one suffering from a mental health disability may find that traditional trusts fall dreadfully short in meeting the needs of the most vulnerable beneficiaries. Speaking broadly in this context, practitioners are generally using either discretionary trusts and/or SNTs to meet the needs of a beneficiary who’s already been deemed a disabled individual. Use of the SNT ensures that available assets won’t disqualify a beneficiary from receiving government benefits or services, and the resources can instead be used to enhance and supplement the beneficiary’s life in other ways. It’s short-sighted for the estate-planning practitioner to assume that the job of proper mental health planning ends when the trust is executed. Rather, practitioners should consider and possibly implement a second stage plan to best support the total needs of the beneficiary. A second stage plan could include express trust provisions that speak directly to mental health intervention, treatment, support, financial management and other issues. *This article is a summary of “Redefining Our Approach to Mental Health and Estate Planning,” which appears in the September 2022 issue of Trusts & Estates. TAGS: High Net Worth 0 comments Hide comments Comment * Rich Text Editor, edit-comment-body-146661 Editor toolbars BoldKeyboard shortcut Ctrl+B ItalicKeyboard shortcut Ctrl+I Block Quote Press ALT 0 for help ◢Elements path Switch to plain text editor More information about text formats Text format CommentsPlain text COMMENTS * Allowed HTML tags: <em> <strong> <blockquote> <br> <p> PLAIN TEXT * No HTML tags allowed. * Web page addresses and e-mail addresses turn into links automatically. * Lines and paragraphs break automatically. PublishLog in or register to comment Save Leave this field blank Related Redefining Our Approach to Mental Health and Estate Planning Laura M. Brancato August 29, 2022 wealthmanagement.com Tips From the Pros: Having it All—Flexibility, Protection and Tax Mitigation—Using a 529 Dynasty Trust Gail E. Cohen August 29, 2022 wealthmanagement.com Can Your Client’s Family Live In the Estate Plan You Create? 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Kobis August 29, 2022 wealthmanagement.com Sponsored An Estate Planning Blueprint for Financial Advisors August 15, 2022 wealthmanagement.com The Ultimate Retirement Income Planning Guide for Advisors August 4, 2022 wealthmanagement.com Navigating Global Changes to Reach Financial Goals July 25, 2022 wealthmanagement.com Making It Easier to Transition Portfolios July 25, 2022 wealthmanagement.com Public, Private and the Whole Portfolio View July 25, 2022 wealthmanagement.com For Best Results, Face Forward While Driving July 25, 2022 wealthmanagement.com * Load More * Next Article * Previous Article * Contact * Advertise * Legal Notices and Disclaimers * CCPA: Do not sell my personal info * Ad Choices * Sitemap * Content Licensing/Reprints Follow us: © 2022 Informa USA, Inc., All rights reserved * Privacy Policy * Cookie Policy * Terms of Use ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~ x Close AddThis