Special needs trusts can be difficult to manage and it can also be difficult to find professionals willing to take on the job.
Special needs trusts are an essential estate planning tool for parents of children with special needs. If set up and managed properly, the trusts allow the person with special needs to inherit assets from their parents without putting their eligibility for federal benefits in jeopardy. However, these trusts need to be managed properly to receive the benefits so normally professional trustees are hired for the job.
Unfortunately, professionals are increasingly unwilling to do so as Wealth Management reports in “Corporate Fiduciaries Are Shying Away From Special Needs Trusts.”
The reasons for this are:
If you are considering a special needs trust, make sure you ask your attorney about professionals in your area who will handle the trustee duties and who have the expertise to do so.
Reference: Wealth Management (Nov. 15, 2016) “CNN’s Anderson Cooper Disinherited from $200 Million Vanderbilt Estate.”
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