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Special Needs Trusts Information

paoli2   |     |   2,212 posts since 2011

I have a concern and I hope I can get some input here about it.  It can be considered a financial concern so I hope it is appropriate to post it on DA.  I am looking for a discussion group of people who have used Special Needs Trusts and can answer some concerns I have about them.  We have a fountain of knowledge on DA and maybe we have someone here who is in the same position I am.  I have spoken to several elder attorneys concerning what will happen to my DD when I am gone and would a Special Needs Trust be appropriate for her.  Their answers always seem to be colored by the dollar signs in their eyes (it can cost thousands of dollars for them to set up the trust and then we would have to pay a Trustee since we have no friends or relatives here to do it). 

I am looking for someone or ones who can give me answers to my questions who don't have anything to gain so I know they would be guiding me in the right direction.  I would like to know the Pros and "Cons" of getting into such a Trust and how it will affect whether we will still have use of the money and any interest it earns while in the Trust.  The attorneys were not concerned about that issue, only my letting them set it up as soon as possible.  This is too important a matter to do without fully understanding what I am doing to our finances.  If anyone on DA is or has used such a Trust would you please feel free to PM me if you feel you can discuss it with me.  I would be so grateful for any information you can share.  I have studied and researched such a Trust so I know the basics of what it is.  I just have certain questions I need answers to from someone who is using it or knows someone who uses it.  Thank you so much for any information you can provide. 

Ken:  If you are looking for more topics for one of your writers, I would love to see you consider doing an article on "Special Needs Trusts, Pros and Cons".  I may not be the only DA member who is interested in such an article.  Thank you so much.

Ken Tumin
Ken Tumin   |     |   5,741 posts since 2009
Sheryl did do an article on this in 2013: What You Need to Know About Special Needs Trusts

Hope this is helpful.
paoli2   |     |   2,212 posts since 2011
Thank you Ken for reminding me.  I even posted on that article.  I read so much that most times I forget where I read it.  Sorry Sheryl and thank you Ken for helping to keep us on top of "all" things financial not just CDs.  Have bookmarked Sheryl's excellent post and will know where to find it next time I need info.  Much appreciation to you both!