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How a fiduciary can assist in a Special Needs Trust

While it is rare, there are occasions where a family may set up a Special Needs Trust such as when a lawsuit has been filed on behalf of a minor.

A client of Premiere Fiduciaries had an injury at childbirth which resulted in a medical malpractice lawsuit. A settlement was reached to meet the child’s special needs throughout childhood and into adult life because the child will never function independently.

The parent’s received a small settlement. The remainder was placed in a Special Needs Trust which is managed by Premiere Fiduciaries. The fund was set up to pay for the purchase of a modified home. The parents also contributed to the purchase. The Trust paid for the purchase of a special van and motorized wheelchair. Funds were made available to assist in the travel to and from medical appointments and school.

Further, the Trust assisted with the purchase of a new van when their needs evolved. From time to time, the Trust will assess the residence to make and pay for new modifications to bathrooms and doorways as needed.

The young man is now 15 years old and attends special education school and programs. The Special Needs Trust also addresses this educational special need.

A Trustee of a Special Needs Trust will manage the trust for the benefit of your loved one. Whether the Trustee is you, a relative, a friend, or a professional, the trustee has a critical job as the manager of the trust. Not only must the Trustee spend trust funds in the best interest of the beneficiary (your loved one with a disability), the trustee must also keep up to date on SSI and Medicaid laws, invest trust funds, file taxes, maintain records, and more.

A Special Needs Trust is an excellent way that Premiere Fiduciaries can assist you and your family with the management of fund assets and health care to meet your family member’s needs.

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