Do you have plans to set up a special needs trust for your child or a loved one?
A special needs trust is a special type of trust set up to still take care of a person with healthcare needs without disqualifying them from other benefits. This trust which is sometimes referred to as a supplemental needs trust is set up by a third party to supplement for other governmental benefits.
In this episode of the Secure Your Retirement podcast, we have Chess Griffin to talk about a special needs trust and what you need to know before setting one up. Chess Griffin is a well-known estate planning attorney who is very knowledgeable about trusts.
In this episode, find out:
- Understanding the meaning and purpose of a special/ supplemental needs trust.
- The special needs trust is set up to give the trustee the broad power to distribute as needed.
- Why special needs language can be added into a trust to help implement it in the future.
- How the special needs trust covers the bases whether a child has special needs or not.
- How to choose a trustee for your special needs child for when you’re gone.
- Why you should avoid funding a special needs trust with retirement accounts.
- How to handle the investment side of a special needs trust as a trustee.
- Why it is important to thoroughly think about who the trustee is going to be.
- Why it’s complicated to set up a first-party trust.
- “Whether it’s a special needs trust or your regular old revocable trust, a trustee has a fiduciary duty to manage the trust assets in a prudent way.”- Chess Griffin
- “The special needs trust is set up to give the trustee broad power to distribute as needed.”- Chess Griffin
Get in Touch with Chess:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.