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Chess Griffin - Special Needs Trust - What You Need to Know
Episode 10920th September 2021 • Secure Your Retirement • Secure Your Retirement
00:00:00 00:24:11

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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.  

Tweetable Quotes:

  • “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

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