Bucking the Trend: Navigating the Realities of Special Needs Trusts
Challenging the Notion of a One-Size-Fits-All Approach to Disability Planning
It seems to be the “in thing” to tell parents they “need” a Special Needs Trust. I don’t subscribe to this. I’ve had too many clients who had set up a trust and didn’t know what to do with it. They weren’t sure what they were going to put in it. To me, this is a waste of a family’s money. Hiring an experienced attorney with the knowledge necessary to protect public benefits properly can get expensive. I’ve heard of attorneys charging $8,000 or more. Is it any wonder so many of us avoid planning?
Let me start by saying I am not an attorney, I’ve never been to law school, and I am not equipped to give you legal advice. I have strong opinions based on my lived experience and conversations I’ve had with attorneys I trust and admire. I don’t think anyone should plan for their future, or the future of their child, without expert advice. For me, this has included an estate planning attorney and financial advisor.
This is not going to be an article explaining what a Special Needs Trust is or how to use one. I’m not going to spend any time talking about the differences between a 1st and 3rd Party Special Needs Trust. I’m also not finding fault if you have a Special Needs Trust, and now you’re not sure what to do with it. Speakers and articles make a very compelling case and, in my opinion, prey on our fear as parents to encourage us to take action without necessarily doing a great job explaining why.
Keep reading with a 7-day free trial
Subscribe to Waypoints to keep reading this post and get 7 days of free access to the full post archives.