Bamaman
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The original scenario had two questions.
One was having a trustee to handle things if they became unable to make their own decisions. I won't address this.
The other was a niece and nephew they will leave money to--one of which is fiscally irresponsible.
The second situation is where a Special Needs Trust might be needed when my wife and I both expire. It is where the trust pays certain expenses monthly or yearly, and the niece/nephew doesn't get their hands on the entire estate balance until later. One thing the trust does is it isolates itself from recipients' creditors, judgments or even bankruptcies. Expenses paid out of the trust may be utility bills, health insurance, car payments and other recurring, normal living expenses. Many individuals with such a trust don't want withdrawals to be where the recipient can avoid working a job. And young adults can also fall to the powers of "friends" who will take advantage of them and "con" them out of trust funds if there is too much available money in the trust. Often, the recipients lack the judgment to make proper decisions, and a trust has to be setup to protect their long term financial well being.
We have two kids that would blow through any inheritance quickly. We have one daughter with an accounting degree, and she's stable and slated to be the trustee. Our concern is what expenses would be reasonable and proper for the trust to pay. And when to eventually turnover the entire trust balance to each. We want the stable daughter to have the trust written in stone so the two recipients cannot rag their sister for money all the time--"singing the blues."
I would be asking for an attorney's fixed price for setting up such a Special Needs Trust--including new wills. And I'm sorry, but we can get such work done for less than $300 or $495 per hour.
One was having a trustee to handle things if they became unable to make their own decisions. I won't address this.
The other was a niece and nephew they will leave money to--one of which is fiscally irresponsible.
The second situation is where a Special Needs Trust might be needed when my wife and I both expire. It is where the trust pays certain expenses monthly or yearly, and the niece/nephew doesn't get their hands on the entire estate balance until later. One thing the trust does is it isolates itself from recipients' creditors, judgments or even bankruptcies. Expenses paid out of the trust may be utility bills, health insurance, car payments and other recurring, normal living expenses. Many individuals with such a trust don't want withdrawals to be where the recipient can avoid working a job. And young adults can also fall to the powers of "friends" who will take advantage of them and "con" them out of trust funds if there is too much available money in the trust. Often, the recipients lack the judgment to make proper decisions, and a trust has to be setup to protect their long term financial well being.
We have two kids that would blow through any inheritance quickly. We have one daughter with an accounting degree, and she's stable and slated to be the trustee. Our concern is what expenses would be reasonable and proper for the trust to pay. And when to eventually turnover the entire trust balance to each. We want the stable daughter to have the trust written in stone so the two recipients cannot rag their sister for money all the time--"singing the blues."
I would be asking for an attorney's fixed price for setting up such a Special Needs Trust--including new wills. And I'm sorry, but we can get such work done for less than $300 or $495 per hour.
Last edited: