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What are the duties and responsibilities of a special needs trust?
Here is a brief list of the duties and responsibilities of a trustee of a special needs trust: Avoid any activity that conflicts with the purpose of the trust—which is to enhance the quality of life of the beneficiary. Spend money to enhance the beneficiary’s life, while making the trust funds last as long as possible.
Can a special needs trust have more than one beneficiary?
A Supplemental Needs Trust can have more than one Beneficiary While there are substantial restrictions on how the Special Needs Person can receive money, because the trust fund is not comprised of funds of the Special Needs Person, there are few guidelines on how the rest of the Supplemental Needs Trust can be administered.
What is the difference between care and a supplemental needs trust?
Care must be taken to avoid giving that person money outright, otherwise he or she risks losing public benefits. The Supplemental Needs Trust is a way for third parties to provide a Special Needs Person access to money in a way that will not cause them to lose their benefits.
What are the rules for a first party special needs trust?
The most important rule for all First Party Special Needs Trusts and Third Party Supplemental Needs Trusts is that the trust may not pay cash to the beneficiary and it may not pay to or for the benefit of the beneficiary for any medical needs covered by Medicaid, food, shelter, or any asset which could be converted into food or shelter.
What is the best book on special needs trust?
For more information read, Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo). And for an in depth information about properly administering a special needs trust, read read Administering the California Special Needs Trust, by Kevin Urbatsch.
Can a beneficiary sue the trustee of a special needs trust?
The beneficiary, or the beneficiary’s guardian, could sue the trustee. Here is a brief list of the duties and responsibilities of a trustee of a special needs trust: Avoid any activity that conflicts with the purpose of the trust—which is to enhance the quality of life of the beneficiary.
What is a special trust and how does it work?
Special trusts help protect the assets of minor children or beneficiaries with special needs. Special trusts can be effective estate planning tools for the safe custody of assets intended for minor children or beneficiaries with special needs.