ALWAYS USE A PROFESSIONAL TRUSTEE FOR A SPECIAL NEEDS TRUST
[Updated January 22, 2016] Choosing a Trustee Choosing a trustee of a special needs trust is a crucial decision to be made by the grantor of the trust. The range of options includes: Parent, sibling (or other individual) Financial institution Nonprofit organization Each of these possibilities has potential advantages and disadvantages. The appointment of a…
WHAT IS A SPECIAL NEEDS TRUST? WHEN IS IT NEEDED IN A PERSONAL INJURY CASE AND HOW DOES IT OPERATE?
Frequently, in the settlement of a personal injury case the plaintiff is receiving a large settlement. Often, the same plaintiff has significant financial and medical needs that can be met through public benefits. The purpose of a Special Needs Trust is to enable the disabled beneficiary to enjoy the proceeds of the personal injury settlement…
POST-SETTLEMENT ISSUES IN PERSONAL INJURY CASES
Years ago the difficult job of a personal injury attorney was to settle the case. In recent years, a myriad of other issues has developed and the personal injury attorney is wise to address them in order to avoid malpractice claims later on. Some of the issues that must be considered are the following: Liens. …
THREE MAJOR ISSUES INVOLVED IN A SPECIAL NEEDS TRUSTS
There are three major issues involved in special needs trusts: availability, transfer rules, and payback requirements. Availability The first issue is whether the assets in the trust are available to the beneficiary. Trustee’s Discretion Assets held in a properly drafted special needs trust are not available to the disabled beneficiary and are not considered in…