Part of caring for a child with special needs is creating a plan for when you’re no longer living. There are a few different planning options that you’ve probably already heard of from other special needs parents or professionals. As special needs planning attorneys, we’ve seen parents utilize all of these different options. We’ve found over the years that a special needs trust is the most helpful, and leaves your child with the most options to enjoy life.
special needs trust
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For families with special needs individuals, ensuring the care for their loved ones once the caretakers are gone is of the utmost priority. The loss of specialized care and Medicaid or SSI benefits is a very real danger if proper special needs planning is not put in place, which is why Savannah special needs lawyers often share the benefits of special needs planning involving Special Needs Trusts. [Read more…] about Savannah Special Needs Lawyer: Basics of a Special Needs Trust
In order to ensure proper use of funds, Savannah special needs planning lawyers help their clients choose a trustee. This person is put in charge of the special needs trust, and instead of providing money directly to the beneficiary (the child with special needs), the trustee will usually pay directly from the trust to service providers, housing officials, etc. Some trusts are set up with the parents and the special needs planning lawyer in a way that provides payment to the trustee for taking on these responsibilities.
Sometimes, there is no mention of a fee in the trust paperwork, but the trustee is still entitled to payment, if desired. There are several factors that should go into determining an suitable fee, whether it is stipulated in advance by those creating the trust or it is later determined that one is needed. The complexity of the trust is certainly one of those considerations. If there are numerous investments that need to be managed, for example, it would be appropriate to pay the trustee for the time and expertise involved.
The types of services the trustee provides also play into determining the fee. More complex tasks, like the investment management mentioned above, would likely be paid at a higher rate than less complicated ones, such as paying monthly bills. The trustee would be responsible for tracking his or her time, along with the service, in order to determine a fair fee.
Occasionally, a trustee will pay for a good or service from personal money. When that happens, the trustee can expect to be reimbursed out of the special needs trust by providing a receipt for money spent on the beneficiary’s behalf. This type of payment is separate from the trustee’s fee and would not be treated the same. That’s because the trustee’s fee is taxed as income. On the trust’s end of things, the fee is a tax deduction.
Special needs planning lawyers in Savannah are continually looking for the best ways to serve their clients and provide for the future. Having a trustee in place is one method to ensure that funds are being used appropriately, and paying that trustee can be one way to ensure the job gets done right.