255: All About Trustees: Navigating the Ins & Outs of Special Needs Trust Administration

Understanding the administration of special needs trusts can make a world of difference for people with disabilities, providing them with financial stability and peace of mind. These trusts—like third-party and first-party trusts—come with specific rules that trustees must follow to ensure the beneficiary can keep accessing essential public benefits.

In this episode of Parenting Impossible, I talk about the importance of building a solid relationship between trustees and beneficiaries. Understanding the basics of trust administration is valuable for everyone—not just those currently acting as trustees. I also stress how crucial it is to use clear, precise language and to accurately identify beneficiaries in trust documents. These details are essential to ensuring that beneficiaries keep access to the public resources they rely on. If you’re ready to take control of your trust administration knowledge and make a lasting impact, register for my Special Needs Advocacy and Planning Masterclass. This provides the tools and guidance you need to create a comprehensive life plan with confidence.

In this episode, you will hear:

• Learn the difference between third-party and first-party special needs trusts.

• What factors trustees should consider when making distribution decisions within special needs trusts.

• What responsibilities trustees have when managing special needs trusts.

• How trustees can protect the beneficiary's public benefits within special needs trusts.

• Why it is essential for trustees to consult with professionals and understand tax implications.
  
  

Resources from this Episode:

Register for the Special Needs Advocacy and Planning Masterclass

 

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