Re: [QUAD-L] Special Needs Trust

[Dan]

I have the exact same thing. It's called an Irrevocable Special Needs Trust. It's important that you have Co-Trustees. In my case it's my two sisters but it can be any two (or more) people you REALLY trust. With Co-Trustees, they BOTH have to sign off on any sum they take out of the Irrevocable trust. That way there is less of a chance that a trustee might get light fingered with your money. I had mine drawn up by an elder law attorney who was very familiar with my states' Medicaid program. Set it up as soon as you can because what ever you have in the trust isn't protected for at least 5 years from when you set it up.

Dan V


At 11:18 AM 6/19/06 -0400, Miss Liz said something that elicited my response:
 

They can cost 1000.00 or more depending on your lawyer and if your parent/s are deceased.  If so then the court needs to be involved and it cost more $.
You need to choose someone to handle your finances.  Technically you can't touch the money and someone is designated to pay your expenses.
The $ can be used for anything you need including vacations etc.
Talk to a lawyer who has experience in elder care law and or disability issues.

----- Original Message -----

From: Tim Syfert

To: quad-list@eskimo.com

Sent: Thursday, June 15, 2006 4:14 PM

Subject: [QUAD-L] Special Needs Trust

Any one on the list have a Special Needs Trust???

 

Tim

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