Trustee(s) Duties

Are you creating a Special Needs plan for a loved one and find yourself trying to determine if you should name a family member as the trustee or if you should use a professional corporate fiduciary as the trustee?  It is not an easy decision.  You will usually find peace of mind knowing a family member is involved.  However, before you make that determination, you should consider some of the duties your trustee(s) might expect to perform.  Here is a summary outlining the types of duties likely to come up: Read more

Budgeting for a Special Needs loved one

Are you planning for the future of your Special Needs loved one?  Often the first question you will ask is, “how much money will they need in the future”?  The answer to that simple question is not so simple.  There is a complex array of factors that you must consider when carefully making this assessment.  Additionally, the number you come up with today may not be the same number you come up with later on down the road.  The amount required of your loved one will be a moving target as circumstances change, needs or desires change, or abilities of the individual change.  Therefore, you should do your best to plan for today, and make adjustments as often as necessary. Read more

Successor Trustee for a Special Needs Trust

Have you been named as a successor trustee of a Special Needs Trust or are you creating a trust and need to select someone for that role?  If the answer is yes, you might be wondering what you should do, where you should begin, and whether or not you are prepared for that role?  The following checklist will provide you direction if you are about to embark in that role or if you are deciding who you should name as your successor trustee for a Special Needs Trust. Read more

What does a Special Needs Trust accomplish?

A Special Needs Trust is used when you have a loved one in your life that will need some manner of assistance in the future. The amount of assistance can vary from protecting against basic financial vulnerabilities to providing full 24-hour care. If you have a Special Needs loved one in your life, regardless if their condition is mild or severe, you should consider the use of a Special Needs Trust in your planning. Read more