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Posts Tagged ‘trust funds’

Budgeting for Trustee Success

The government prepares a budget. Businesses and families prepare budgets. A special needs trust should be no different. Unfortunately, many trustees of special needs trusts (especially family members of trust beneficiaries) have little or no experience handling financial matters for another person. Add to that the fact that special needs trusts are often funded with sums of money that greatly exceed a trustee's own means and you have a recipe for mismanagement. The smartest solution is to name a professional as a trustee of a special needs trust, either alone or in conjunction with a friend or family member of…

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When a Family Member Serves as Trustee – “Fair and Honest Is Not Enough”

Parents typically face two choices when selecting a trustee to manage a special needs trust for their child when the parents have died. One choice is a professional trustee–a bank or trust company or an individual who is in the business of serving as a trustee. Of course, professional trustees charge fees, and many banks and trust companies have a minimum trust balance requirement in order to serve as trustee. The other choice is to name a family member to serve as trustee, such as a sibling of the trust beneficiary or some other trusted family member. However, in most…

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