Understand your Special Needs Trust


Potentially, you’ve thought about or have already accomplished the creation of a Special Needs Trust for your loved one.  The trust is usually either created within your Last Will and Testament or is drafted as a stand alone document.  Either way, it is important to make sure all parties to the trust (trustees, trust protectors, trust advisory members, beneficiaries, etc.) understand what the trust document says.

In particular, you want to make sure everyone knows who can receive distributions from the trust, how they receive the distribution and any limits on the amount they can receive.  Additionally, all should be aware of debt or tax obligations of the trust, the specific responsibilities of the parties involved, any compensation available to the parties from the trust, and what services from professionals may be available or should be utilized.

Not only is it important to have a Special Needs Trust in place for your loved one, but you want to take special care to ensure anyone involved in the process is aware of the document and understands the instructions contained within the document.

Please feel free to contact a Golden Financial Services advisor with specific questions or concerns about your Special Needs Trust document.