Westchester Recap: Special Needs Financial Planning

On Tuesday, May 3, 2011, the Westchester Branch of NAA NY Metro hosted an event centered on a critically important but difficult to face subject - financial planning for your special needs family member. As the numbers of children with autism have increased, so too will the number of adults with autism who need specialized financial arrangements to preserve benefits to which they are entitled but also to allow them to live full and meaningful lives. NAA NY Metro brought together a panel of professionals: NAA NY Metro board member Stuart Flaum, who specializes in special needs family planning with AXA Advisors, spoke about insurance issues. Sheryl Frishman, of Counsel to the law firm of Littman Krooks LLP, spoke about legal issues and trusts. Michael Sanders, President of Clark Dodge Asset Management, LLC, spoke about investments and presented a case study of a special needs family.

Together, this dynamic trio presented families with invaluable information concerning planning for children with special needs as they become adults with special needs. None of us likes to think about these issues - it forces parents to face tough questions, not only their own mortality but also the issue of whether or to what extent their child with special needs will be able to function independently or at what level. As the panel discussed, parents need to look at many issues and are wise to seek professional counsel for this very complicated area of estate and life planning. Because adults with special needs may be eligible for certain governmental benefits, parents need to know that their financial planning efforts may negatively impact their child's eligibility for services he or she very much needs if not correctly planned. Parents need to understand the roles of insurance, investments, and the various trust options that parents might consider in providing for their child as he or she becomes an adult. Moreover, parents need to plan and take action to establish themselves as their adult child's guardian before the child becomes emancipated at age 18. Many parents may not realize that they cannot simply continue to make decisions for their child after age 18, even if the child is unable to do so. Rather, the parent must be legally appointed the adult child's guardian. Failure to formalize the guardian relationship can lead to many difficulties. Moreover, parents need to be aware that their school districts are required to begin planning for transition from educational services to adult services years before a child turns 18. Westchester ARC has many valuable resources on transition planning on their website - simply search "transition" on their site and read up on your child's rights and the district's obligations - many parents are unaware of transition planning, which can be a valuable tool as your child grows up.

Many thanks to our speakers for sharing their wisdom with us concerning this important but very emotional and difficult subject.

Special Needs Planning Made Simple In A Complex World

Speakers: Michael Sanders, Stuart Flaum, Sheryl Frishman
Date: Tuesday, May 3 Time: 7:00 - 9:30 pm
Location: Washington Engine Fire Company, Opp. Bldg. #150 130 White Plains Rd / Rte 119, Tarrytown, NY 10591

Michael Sanders, President, Clark Dodge Asset Management, Stuart Flaum, Managing Director, AXA and Sheryl Frishman, Esq. will each share the importance of planning and preserving for the future and how families can avoid major pitfalls financially and legally. As President of Clark Dodge Asset Management, Michael Sanders brings more than 19 years of investment management experience to his roles as principal and chief investment officer. Mike is passionate about helping families to plan for their future and has been extremely instrumental in guiding families with special needs through comprehensive planning.
Prior to Clark Dodge, Mr. Sanders was Managing Director and Director of Sales with Gerstein Fisher & Associates where he was responsible for the Client Advisory and Business Development teams. During his tenure from 2004 to 2010, the firm tripled its assets under management and was ranked as one of the leading independent investment advisory firms in New York. Mr. Sanders previously worked for two of the oldest firms on Wall Street. From 1999 to 2004 he was a Vice President at Stein Roe Investment Counsel and from 1992 to 1999 he was Vice President and Investment Officer for J. & W. Seligman & Company. Mr. Sanders earned his BS in Business Administration from the State University of New York at Buffalo and an MBA from Long Island University's CW Post Campus. He is Series 65 licensed. He serves as Treasurer of the Byram Hills Education Foundation in Armonk, NY where he lives with his wife and four children.

Stuart Flaum is the Managing Director of the Special Needs Family Planning Group at AXA Advisors which educates and empowers families in which an individual has a disability through unique long- term health, financial and estate planning strategies. Stuart serves on the board of the following organizations: Parent to Parent of New York State, National Autism Association New York Metro, and The Devereux Glenholme School in Washington, CT. He is on the advisory board of Strokes of Genius, an international exhibition of savants and artists on the spectrum. In addition, Stuart is the Autism Speaks NYC Walk Co-chair and founder of the Disabilities Leadership Council.

Sheryl Frishman, Esq. is of Counsel to the law firm of Littman Krooks LLP. Prior to joining Littman Krooks, Sheryl was a partner in the law offices of Frishman & Faber, P.C. a practice devoted entirely to the advocacy and life planning needs of children and adults with disabilities and their families. Previously, Sheryl was the senior associate attorney at a prominent New York law firm where she managed their Elder Law Department. She has served numerous times as court evaluator, guardian, guardian ad litem, and court appointed counsel for incapacitated persons in New York State Supreme Court and Surrogate's Court.
Currently, she serves as President of the Board of Directors of Westchester Arc the largest agency serving people with developmental disabilities and their families in Westchester County. Sheryl also serves on the Board of Governors and Legal Committee of NYSARC Inc., is on the advisory board for the WIHD Autism Expansion Grant, the fundraising Board of Directors for S.A.I.L. at Ferncliff Manor, and serves on the Family Support Services Council of the Hudson Valley Developmental Disabilities Services Office. Sheryl is an active member of many other organizations in the disability and legal community and has been instrumental in developing and implementing programs in the Hudson Valley for people with disabilities and their families. She speaks regularly and conducts workshops for professional and family organizations in the areas of special education law and life planning in addition to authoring articles on these topics. Sheryl has been the recipient of many awards and honors for her work in the special needs community, including recently being named one of Westchester County's "40 under 40 Rising Stars" by the Business Counsel of Westchester. Sheryl is also a co-host of the Family Network TV show "It's a Matter of Law", a show that covers all legal aspects of having a child with special needs. Sheryl received her B.S. from Union College, and her J.D. from Cardozo Law School of Yeshiva University. Sheryl is the mother of three children, one of whom has Autism.