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The purchase of annuities as part of personal injury settlement is a common practice among personal injury attorneys. It is perfectly appropriate to use structured settlements in funding a Special Needs Trust for a disabled beneficiary provided the investment figures are favorable.
What is the downside of a special needs trust?
These include administrative complexity, ongoing legal expenses, and restrictions on how funds can be used for the beneficiary. Additionally, upon the beneficiarys passing, any remaining trust assets might be subject to reimbursement claims.
Can a trustee access money?
While trustees have the authority to withdraw money from a trust, they are not allowed to withdraw money from a trust account for personal use unless specified in the trust. However, its important to mention that it is cause for suspicion even if this is the case. Related Article: Do Trustees Get Paid in California?
What happens to the money in a special needs trust at death?
In the event of a death within a pooled special needs trust, any monies left in the account are used to help cover the cost of any administrative fees for the pooled trust. In essence, the money will help the trust keep going, so all other beneficiaries can still receive their benefits.
What are the two types of special needs trusts?
A Special Needs Trust (SNT) allows for a disabled person to maintain his or her eligibility for public assistance benefits, despite having assets that would otherwise make the person ineligible for those benefits. There are two types of SNTs: First Party and Third Party funded.
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Serving as a trustee of a special needs trust can be a time-consuming and complicated job, which is why trustees are almost always entitled to compensation for their services. Payment of trustees usually takes one of two forms: either a flat fee based on a percentage of the trusts assets, or an hourly rate.
Does the trustee of a special needs trust get paid?
Compensation Unless the trust agreement states otherwise, trustees are usually entitled to compensation for their services. Compensation is usually set forth in state law. If a corporate trustee is serving, it usually receives a fixed amount, based upon the value of the trust estate.
What is the purpose of a special trustee?
A Special Trustee is someone who is entrusted with exclusive Trust powers over a particular Trust asset. The most common reason for a special Trustee is when there is a professional practice (e.g., a doctors practice).
Related links
2011 Special Needs Trusts
Oct 21, 2011 This session will look at the laws and regulations on accountings and record keeping for pooled trusts, including those reports for.
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