The Two Types of Special Needs Trusts
May 12, 2022
The purpose of a special needs trust, sometimes abbreviated as an SMT, is to allow an individual who is disabled to still be eligible to
The purpose of a special needs trust, sometimes abbreviated as an SMT, is to allow an individual who is disabled to still be eligible to
A special needs trust, also called a supplemental needs trust, holds and protects financial assets for the benefit of a specified disabled beneficiary. There are
Parents with a special needs child understand better than most people the importance of preparing for the future. When they can no longer financially or
When you have a child or close family member with special needs, you might need to form a special needs trust to plan for their
When someone has a disability, they cannot receive direct financial support from others and remain eligible for certain federal benefits. If you want to ensure
As the world population continues to grow significantly, so too does the elderly population in the United States. Statistically, the number of older adults in
More than 214,000 people across the United States and over 16,500 people in California have passed away from COVID-19 and related issues in the past
Having an estate plan is critical to ensuring the right people are in place should you ever be unable to take care of your needs.
When you create a living trust, you appoint a successor trustee to be in charge and manage the trust in the event you are unable to do so either because of incapacity or death. Your trustee is bound to administer the trust by a fiduciary duty. Generally, this means that the trustee must act in each trust beneficiary’s best interest. Find out how this happens.
Stepping into the role of trustee can be emotional and stressful and disagreements may happen. The trust must dictate how the co-trustees need to proceed when they disagree. This could be by unanimous decision, majority rules, and in worse case scenario, a court must break a tie. Co-trustees is a risk that can lead to hurt feelings and family strife. Learn some tips on how to avoid this.
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