Special needs trust

[damnclassybroad]

What is the name of your state?AZ
Does a special needs trust give more control over funds to the benefiary? What additional responsibil ities are put on the trustee?

 

[Peetie]

Generally speaking, a special needs trust can ONLY be used for the benefit of the person it is set up for, in particular for medical needs, but depending on how creatively the trust was written, for just about anything the beneficiary wants or needs.

I don't know what "additional responsibilities" you mean. The trustee's responsibility is to follow the instructions of the trust. The trust probably spells out what the trustee can do as far as investing and generating income, and probably states how the funds can be used for the benefit of the beneficiary.

 

[BlondiePB]

A "special needs" trusts has specific criteria. Is the beneficiary receiving SSDI? If so, you need to follow the laws regarding this.

 

[rmet4nzkx]

Please seek an attorney familar with setting up this specific type of trust as it must be written properly and approved by SSA. The rules were changed in 1999, so if it is an older trust it may cover different things. You really need to provide more specific facts and questions.