The New York Times ran yet another story on special needs trusts that is definitely worth reading if you have been considering establishing such a trust. The article cited the head of specialized trusts at J.P. Morgan Private Bank as saying many wealthy families continue to leave their disabled children large inheritances, which causes the children to lose access to their government benefit programs. Despite a growing knowledge of special needs trusts, the story reported, many people continue to be weary of establishing them.
Those who decide against establishing a special needs trust commonly provide as a reason for doing so the complexity involved with establishing and administering the trust. As you may know, there are strict rules that must be followed when establishing a special needs trust, and even stricter rules to be followed when administering the trust. But despite these complexities, the advantage to the trust beneficiary of remaining eligible for public benefits greatly outweighs any burden that may be involved. In fact, those who recruit the assistance of a special needs trust attorney generally find that most of the difficulties involved are more perceived than real.
While it may require a little planning and foresight to establish a special needs trust, the truth is that it is not difficult to undertake this process with proper counsel. A special needs trust attorney can be quite helpful in determining which type of special needs trust is appropriate for a given situation, and can guide families through what they need to do to properly administer the trust. In the end, the most important thing is protecting the person with special needs, and this may be best possible with a special needs trust.