MassEcon Reduce Stress on Family and Friends With a Team Approach to Special Needs Trusts

Reduce Stress on Family and Friends With a Team Approach to Special Needs Trusts

People with disabilities, their families and professionals setting up long-term care and financial plans must consider a long list of concerns, including required services, costs, funding strategies, the people involved, and how the care plan will impact relationships over long periods of time.

One of the best choices for long-term financial support and care that that also helps reduce the stress placed on personal and family relationships is establishing a special needs trust with a nonprofit specializing in this service. Special needs trusts help people with disabilities remain eligible for needs-based government benefits while preserving personal assets and enhancing quality-of-life.

By setting up an individual trust account with a nonprofit organization that specializes in special needs trusts, the nonprofit acts as the trustee for the life of the beneficiary, and those services are included in trustee fees. The alternative is to establish an individual trust which requires either a paid personal trustee compensated out of trust assets, or for a family member or friend to act as trustee and be responsible for making spending decisions, which can result in conflict and strain relationships. We look forward to sharing more information with you about how this could work for you and those you care for.

Date posted: September 3, 2019

Categories: Special Needs Planning