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Important considerations when creating a special needs trust

Parents of a special needs child in Nevada will have numerous issues to take into account when planning for the care of the child after they die or become incapacitated. Should they decide upon the creation of a special needs trust, the assignment of a trustee and privacy represent just two of the decisions that parents need to consider.

Because of the complexity of trust administration, especially for a special needs person, financial experts recommend choosing a professional as the trustee. A relative or friend might not possess the knowledge to track the confusing and changing laws that apply to trusts. An inexperienced trustee could make mistakes when distributing funds that might jeopardize government benefits crucial to the care of the beneficiary. A professional from a bank or trust company could be a better choice.

Privacy presents another important factor. A trust established within a will would be public record. Financial predatorsw might see the information about the special needs person and then fraudulently target that individual. A developmentally disabled person might be more vulnerable to scams. A revocable living trust offers parents an alternative that keeps information private.

Someone who wants to plan for the long-term care of a special needs child might benefit from working with an attorney who has trust planning experience. Options for funding the trust and how to direct assets into the trust so that they do not alter the income of the beneficiary could be discussed. Once the parent makes decisions about how to proceed, the attorney could prepare the legal documents. The management of the trust might be taken care of by the attorney, or the attorney might refer the person to a trust company.

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