A disabled, life-long friend will soon (months) have her Special Needs Trust funded as her mother passed away at the end of July. This is a 3rd party Special Needs Trust that can be treated as a Qualified Medical Trust for tax purposes.
I have agreed to be her trustee. Her sister was named in the trust document as the trustee but her sister wants nothing to do with the responsibilities of a trustee. Her sister will be resigning and naming me as the trustee.
For a month, I have been reading everything I can find. It won't be an easy task but it will be manageable as the nature of the responsibilities fits my experience and personality. The trust will probably be funded with $250k-$300k, not a ton of money to last the rest of her life (she is 58). Once the trust is funded, there will be resources to consult experts as required but I will learn as much as I can in order to preserve her funds.
I was wondering if anyone has walked this path already and had some tips.
I have agreed to be her trustee. Her sister was named in the trust document as the trustee but her sister wants nothing to do with the responsibilities of a trustee. Her sister will be resigning and naming me as the trustee.
For a month, I have been reading everything I can find. It won't be an easy task but it will be manageable as the nature of the responsibilities fits my experience and personality. The trust will probably be funded with $250k-$300k, not a ton of money to last the rest of her life (she is 58). Once the trust is funded, there will be resources to consult experts as required but I will learn as much as I can in order to preserve her funds.
I was wondering if anyone has walked this path already and had some tips.