Special needs trust

[Guest guest]

In a message dated 5/8/05 4:06:28 PM, lfeag@... writes:

<< I have heard of 2 special needs specialty lawyers in Atlanta;

do any of you parents have this special needs trust >>

Ceto, Attorney

404-262-3400

www.georgiatrustlaw.com

Pollan, Attorney

678-510-1358

www.pollanlawfirm.com

We used Pollan and feel confident that we have a good plan in place. We

have wills, special needs trust and living wills. Cost was around $1500. I

would recommend going to an attorney and not metlife or other " financial

planner " that is selling a product (life insurance). Just my opinion.

[Guest guest]

For those of you who don't know, Karrie's dad and I have been divorced for 8

years now (!). I was talking to him today about how I want to get her spec.

needs trust set up. He told me a year or so ago that he cancelled the 4.5 m in

life insurance he used to carry, because he was angry that Karrie was to get all

of it, not his 2 older step-sons.

Today, he said that he still has some money set back for her, but that his

oldest step-son will get the $$ and administer it for Karrie. What I know of

this bozo is...well, she won't ever see any benefit from it.

Any ideas on how I can convince him that any money she might be getting will

need to be put in this spec. needs trust? He wants Karrie to live with one of

his step-sons...ain't gonna happen!! They both would welcome her (well, her

money anyway). I have other plans for what we are doing.

Thanks for any suggestions!

Sue mom to Kate 19 and Karrie 12 w/ds and mild autism

[Guest guest]

I believe you can get a bank advisor to oversee the Special Needs trust if there

is no family. Call the bank and tell them what you are setting up and either

they will have someone or the investment firm that holds the trust has someone.

Also, I think a step child as no blood relation would qualify as no family

connection. Unfortunately the government changes the guidelines so you have to

go with your gut. My parents have one set up for thru their estate but my

brother is in charge with my sister as a backup and she is also his guardian in

case I die even if his daddy is still living.

Marcia

From: cshos@...

Date: Fri, 27 Mar 2009 19:21:54 -0500

Subject: Re: Special needs trust

I think the special needs trust will still need someone to administer it.

Shirley

Special needs trust

For those of you who don't know, Karrie's dad and I have been divorced for 8

years now (!). I was talking to him today about how I want to get her spec.

needs trust set up. He told me a year or so ago that he cancelled the 4.5 m in

life insurance he used to carry, because he was angry that Karrie was to get all

of it, not his 2 older step-sons.

Today, he said that he still has some money set back for her, but that his

oldest step-son will get the $$ and administer it for Karrie. What I know of

this bozo is...well, she won't ever see any benefit from it.

Any ideas on how I can convince him that any money she might be getting will

need to be put in this spec. needs trust? He wants Karrie to live with one of

his step-sons...ain't gonna happen!! They both would welcome her (well, her

money anyway). I have other plans for what we are doing.

Thanks for any suggestions!

Sue mom to Kate 19 and Karrie 12 w/ds and mild autism

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[Guest guest]

Sue,

Have you looked into the impact of this money on Karrie's eligibility for

government assistance? Depending on how it's held, it could be seen as her

asset and will preclude her from receiving benefits. Not only how it's held but

also how she receives it can impact her. If the step-son randomly decides to

pay her rent for two months, that's income to her and will have to be reported

to SSI and could reduce her benefits. He will have to be very careful in the

administration of the money.

My advice would be to set up the special needs trust, instruct everyone that

money intended for Karrie should be left to the trust, and make your plan as if

the money from Karrie's dad didn't exist.

Would it make your ex comfortable with the trust if the step-son was a

co-trustee? Would you even consider it? That way you can each, as Karrie's

father and mother, appoint a trustee in whom you have faith. You can structure

the trust so that two trustees, perhaps along with an administrator, oversee the

money. Your chosen trustee should be someone other than a 'yes' person from a

financial institution. It should be someone you know will raise heck if they

see something out of line. Kate is only 19 now but would she be a

consideration?

>

> For those of you who don't know, Karrie's dad and I have been divorced for 8

years now (!). I was talking to him today about how I want to get her spec.

needs trust set up. He told me a year or so ago that he cancelled the 4.5 m in

life insurance he used to carry, because he was angry that Karrie was to get all

of it, not his 2 older step-sons.

> Today, he said that he still has some money set back for her, but that his

oldest step-son will get the $$ and administer it for Karrie. What I know of

this bozo is...well, she won't ever see any benefit from it.

> Any ideas on how I can convince him that any money she might be getting will

need to be put in this spec. needs trust? He wants Karrie to live with one of

his step-sons...ain't gonna happen!! They both would welcome her (well, her

money anyway). I have other plans for what we are doing.

> Thanks for any suggestions!

>

> Sue mom to Kate 19 and Karrie 12 w/ds and mild autism

>

[Guest guest]

Any special needs trust does need an administrator. I believe that the

administrator (or administrators) can abolish the trust at any time they

see fit as a protection nominally against tax law changes. This makes

the choice of administrators critical.

Also, does anyone have any stories of how special needs trusts are

actually used. What was the money spent for? What were the problems.

It is nominally for " comforts and luxuries " because if it is spent on

living expenses or any number of other things, it affects their other

supports such as SSI and medicaid.

So what are these funds needed for and how much is able to actually be

used? It would be nice to know actual experiences rather than some

lawyer telling us that this is the only way we can leave money to our

loved ones with developmental disability.

Rick

[Guest guest]

Wow Sue ......... you are in a bit of a mess .... been there done that with an

ex but not involving Sara (((((((hugs to you))))))). I'm sure there has to be

someone in the group who is or has been in your predicament Keep us posted

Kathy mom to Sara 17 ......... does disagree with hubby on Sara's future BUT I

know he'll see the light as she matures or SHE will tell him her wishes lol

From: karriemom@...

Sent: Friday, March 27, 2009 7:07 PM

Subject: Special needs trust

For those of you who don't know, Karrie's dad and I have been divorced for 8

years now (!). I was talking to him today about how I want to get her spec.

needs trust set up. He told me a year or so ago that he cancelled the 4.5 m in

life insurance he used to carry, because he was angry that Karrie was to get all

of it, not his 2 older step-sons.

Today, he said that he still has some money set back for her, but that his

oldest step-son will get the $$ and administer it for Karrie. What I know of

this bozo is...well, she won't ever see any benefit from it.

Any ideas on how I can convince him that any money she might be getting will

need to be put in this spec. needs trust? He wants Karrie to live with one of

his step-sons...ain't gonna happen!! They both would welcome her (well, her

money anyway). I have other plans for what we are doing.

Thanks for any suggestions!

Sue mom to Kate 19 and Karrie 12 w/ds and mild autism

[Guest guest]

The main thing with the special needs trust is that the person it is

set up for cannot receive or spend the money him/her self. When I started

to do this my daughter suggested that I talk to the bank where she had had a

trust left from her father. Not special needs of course. So I called the

trust dept of that bank and talked to someone she had worked with. This person

asked how much money I was interested in depositing in it and i picked a number

out of the air, I said $30,000. She as rather disparaging and said that

amount would soon be eaten up with charges. $30,000????? That was the end of

that discussion. So I set it up with co-administrators and also a group of

friends as advisors, etc. None of them would expect to be paid. I am the

original adminstrator. It cannot be used for basic living expenses that would

ordinarily be paid by SSI or SSDI or Medicaid but can be used for things to

enrich

his life. And there are more than one type of trust, so that is something to

be considered too. One thing, if there is an inheritance, for instance, it

should not be left to the " child " but to the trust. You probably need a

professional to help set it up but it doesn't have to some one who is going to

charge for every little thing they do on an ongoing basis.

Jessie, Mom to DS (and his cat who is helping me with this)

**************

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[Guest guest]

My parents have set aside some of their retirement and life insurance for my

son, but it is listed so that my sister is the holder of the account, that I

would have to ask her for the amount for and it has to go to not

something for the family. My one grandmother has it set this way also, same

person as the " holder " of the account, this way we don't have to pay someone to

get the money. My other grandmother has it set up that her children divide the

assets and determine what each grandchild gets. I don't have to worry about my

sister screwing around with the funds either, she is one of the savers in the

family, doesn't like to spend money at all.

Re: re: special needs trust

The main thing with the special needs trust is that the person it is

set up for cannot receive or spend the money him/her self. When I started

to do this my daughter suggested that I talk to the bank where she had had a

trust left from her father. Not special needs of course. So I called the

trust dept of that bank and talked to someone she had worked with. This person

asked how much money I was interested in depositing in it and i picked a

number

out of the air, I said $30,000. She as rather disparaging and said that

amount would soon be eaten up with charges. $30,000????? That was the end of

that discussion. So I set it up with co-administrators and also a group of

friends as advisors, etc. None of them would expect to be paid. I am the

original adminstrator. It cannot be used for basic living expenses that would

ordinarily be paid by SSI or SSDI or Medicaid but can be used for things to

enrich

his life. And there are more than one type of trust, so that is something to

be considered too. One thing, if there is an inheritance, for instance, it

should not be left to the " child " but to the trust. You probably need a

professional to help set it up but it doesn't have to some one who is going to

charge for every little thing they do on an ongoing basis.

Jessie, Mom to DS (and his cat who is helping me with this)

**************

A Good Credit Score is 700 or Above. See yours in just 2 easy steps!

(http://pr.atwola.com/promoclk/100126575x1220439616x1201372437/aol?redir=http:%2\

F%2F

www.freecreditreport.com%2Fpm%2Fdefault.aspx%3Fsc%3D668072%26hmpgID%3D62%26bcd

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