A special needs trust can be a crucial tool for many families to pass on assets to their special-needs children without jeopardizing the recipient’s eligibility for public benefits. Some families may be interested in “pooled special needs trusts,” which offer similar benefits with certain advantages, but families may be unsure of the pros and cons. Trusts must have trustees, or managers. Many trust holders hire their estate planning attorneys as trustees, while families of more limited means often turn to a relative or close family friend with the applicable know-how. A pooled trust may be a good option for those who cannot come up with a logical choice for a trustee, or for those without enough assets to justify an individual trust. Pooled trusts are run by nonprofit organizations for the benefit of multiple beneficiaries. Assets from multiple families are pooled and invested together, and the funds are spent for the benefit of the individuals in proportion to their share of th
Posted on: Wed, 30 Apr 2014 01:57:23 +0000
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