Your client, as settlor, creates a special needs trust set up for a child or grandchild and needs a professional trustee to administer it. Before hiring a potential trustee, the client should determine whether he or she is personally and philosophically compatible with the professional who will actually be managing the trust. You should ask the following questions about the trustee’s background, investment strategy, fees, and management style.
Properly planning for a person who has a disability can be a daunting task fraught with potential liability. The issues that arise concern the lifetime financial and personal care for the person. Typically, public benefits are being used to meet the person’s current care needs. To maintain such ongoing care, planning for persons with disabilities is centered around a properly designed and administered trust, called a special needs trust (SNT). The SNT provides funds to supplement public benefits without interfering with those benefits.