#101 - Special Needs Financial Planning: Learning the Lingo

Special needs financial planning is one of the most important and impactful things we can do in preparing and controlling the future. There are many terms and a lot of intimidating lingo. In this episode we have some fun with the terms and learning them so as to set the foundation for what is to come in the next 12 episodes of the financial planning series.

About the Guest:

Mark Gilfix is an attorney at Gilfix & LaPoll in Palo Alto, California. He is an award winning writer, and an up and coming leader in the fields of Estate Planning, Elder Law, and Special Needs Planning. His background is unique among attorneys. A Palo Alto, CA native, he graduated from Stanford University with a degree in Management Science and Engineering. He later attended Loyola Law School’s evening program, working full time while obtaining a law degree. There, he was chosen as his class commencement speaker and graduated near the top of his class as a member of the Order of the Coif.

Prior to practicing law, Mark was a management consultant at the Monitor Group (founded by celebrated Harvard Business School author Michael Porter,) participating in and leading numerous strategy engagements with Fortune 500 corporations.

He also enjoyed a career as a professional actor and writer, appearing on several network TV shows, including CSI:NY, 90210, and The Young and the Restless, in numerous independent films, and in national commercials for many of the world’s top brands, including Apple, Budweiser, and Xbox.

With his unique background as both a business strategist and artist, Mark has the ability to truly connect, communicate and optimize plans with his clients – he strives to help clients to build integrated financial and legal plans.

He is an increasingly sought-after speaker in the field. He has appeared on television on KTVU Fox 2 and NBC Bay Area and has given multiple client and community seminars in the area of multi-generational and special needs estate planning, he has spoken about planning for younger families with the National Association of Elder Law Attorneys, and he has presented about these topics at the Morgan Center Annual Conference.

He has lead multiple national webinars, both for attorneys and for the general public. He has lead talks about multigenerational special needs planning for the Academy of Special Needs Planners, for the Autism Society, and other leading organizations. Keep up with his presentations by following his Facebook page.

He has been active in the community, he is on the board of directors of the Pacific Autism Center for Education, and previously served on the associate board of directors of the Boys and Girls Club of the Peninsula, and in the Young Leadership Cabinet of the Jewish Federation. He is a passionate surfer and stand up paddle-boarder.

Terms Mentioned in This Episode:

Probate - The legal process of validating a will, paying debts, and distributing assets after death.

Trust - An entity that holds assets for the benefit of certain other persons or entities.

Revocable Living Trust - A trust in which the person setting it up retains the power to change (revoke) or cancel the trust during his/her lifetime. Opposite of irrevocable trust.

Trustor / Grantor - The person who sets up or creates the trust. The person whose trust it is. Also called creator, settlor, trustor, donor or trustmaker.

Trustee - Person or institution who manages and distributes another’s assets according to the instructions in the trust document.

Irrevocable Trust - A trust that cannot be changed (revoked) or cancelled once it is set up. Opposite of revocable trust.

Special Needs Trust - Allows you to provide for a disabled loved one without interfering with government benefits.

Beneficiary - In a living trust, the persons and/or organizations who receive the trust assets (or benefit from the trust assets) after the death of the trust grantor.

Distributions - Payment in cash or asset(s) to one who is entitled to receive it.

Assets - Basically, anything you own, including your home and other real estate, bank accounts, life insurance, investments, furniture, jewelry, art, clothing, and collectibles.

Fiduciary - Person having the legal duty to act primarily for another’s benefit. Implies great confidence and trust, and a high degree of good faith. Usually associated with a trustee.

Durable Power of Attorney for Assets - A legal document that gives another person full or limited legal authority to sign your name on your behalf in your absence. Valid through incapacity. Ends at death.

Advanced Health Care directive / Durable Power of Attorney for Healthcare - A legal document that lets you give someone else the authority to make health care decisions for you in the event you are unable to make them for yourself. Also called a health care proxy or medical power of attorney.

Conservatorship / Guardianship - A court-controlled program for persons who are unable to manage their own affairs due to mental or physical incapacity.