Previously, we have discussed how Trusts are very versatile and how at their core, most Trusts are essentially the same. Today, I want to talk about a specific type of Trust, the Special Needs Trust.
A Special Needs Trust is a Trust designed to provide for the care and support of a person with special needs. Parents of children with special needs often create these trusts so that their disabled children have the necessary financial means after the parents pass away.
One thing that should be obvious with a Special Needs Trust is that the Trust needs enough funding to provide for the beneficiary?s long-term care, which is often very expensive.? Careful investment strategies need to be made a part of the Trust.? The Trustee of a Special Needs Trust needs to be someone who has experience with the disabled and who can take the time to explain things to the beneficiary in a way that can be understood.
If you have a child with special needs, talk to an estate planning attorney about setting up a Special Needs Trust and about what you need to consider in creating the Trust.
The Law Offices of Richard B. Schneider, LLC is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.rbsllc.com/blog/wills-and-trusts/special-trusts-differences/
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