Hi All, My family opened "Irrevocable"Supplemental Needs Trust Fund" we all learned a lot going through the process. It must, and only can be, set up by a lawyer. There are a few different kinds, the one I mentioned and an "Supplemental Needs Trust Fund" "Special Needs Trust Fund" These "trust funds" are already written up, you and a lawyer sit down together to figure out which one best suites your individual needs and situation. It cost $1,500 to set up with our lawyer. Here are some questions I had for my Dad's lawyer after I read his will and the answers; (a one time amount of money was given to me by my father one month before he passed away, that's why the trust fund was set up.)
Can I have a check written out to my home health aid personally, not the agency? - Answer - yes Can I have a check written out to individual people, family members, friends? - Answer - yes What if I go into a nursing home? - Answer - No nursing home, or any other institution, can touch any of the trust money. Can I contest the will because I don't like the "trust"? - Answer - I cannot change what my Dad wrote or wishes were if a judge finds that Dad was not of sound mind at the time he wrote his will Is there 1 trust or 2? - Answer - Right now there are 2 trusts 1. The one that Patti, my sister the trustee, opened and has DD as secondary. 2. One Dad established and has Ray as primary and Michael as secondary. The Ray/Michael trust will not be set up until Nellie (my step Mother) pass's away They can be merged with some of paper work. Page 8 Part A What dose this sentence mean? "… the trustee shall annually add to the principal of such trust the balance of net income not so paid or applied." - Answer - The money in the trust will be making intreats, if I don't spend the intreats then I can not spend it the next year (or 50%?) In my Fathers will he stated that he wanted a "… Supplemental Needs Trust" set up for me -- my sister just set up an "Irrevocable Supplemental Needs Trust" Are they in "conflict" of each other AND can monies from the Supplemental Trust be transferred into the Irrevocable Trust? - Answer - yes, but it takes a lot of paper work - you can have more than one trust fund. There has to be 2 people on the paper work to open the trust fund at a bank that you choose, a primary "trustee" and a secondary "trustee" I have my 2 sister's without hesitation. I met my sister Patti at he bank to open the trust in case I had questions. An investment banker had to open the trust, so we made an appointment. It took about 11/2 hours total to go through all the paper work. Then Patti was told that she had to inform social security about the trust because I collect SSI. She also had to call the IRS to get a tax ID number because I/she will have to pay tax's on the money. One of the first things I got with the trust money was a Hunter Douglas motorized window shade for my bedroom $750 since I spend so much time in bed and I get pounded by the sun. Dose anybody else here have a trust fund? Bobbie
