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Library Categories > Financial Issues > How Special Needs Trust Can Avoid Pitfalls

 
Library Item Name:

How Special Needs Trust Can Avoid Pitfalls 		   
Summary Statement:

Setting up a special-needs trust makes it possible for a disabled adult to draw on family funds for supplemental needs while still receiving government assistance. "The trust can provide educational benefits, send the child on travel excursions, provide a specially equipped van or home-care assistance," says Patrick Smith, vice president of estate and business planning for Hartford Financial Services Group Inc. in Simsbury, Conn.

A special-needs trust can be funded with inheritances, life insurance and family gifts -- including an inherited IRA.

But it's important to make sure the trust is set up in such a way that the required yearly withdrawals from the IRA can stay in the trust, says Diedre Wachbrit, a Westlake Village, Calif., attorney and principal of the Academy of Special Needs Planners
Submission Date:

11/14/2007by: shannonj
Current rating:


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