Personal Finance (Not Investing) • Corporate Trustee

The issue is is that my (and many of us parents of disabled children) 3SNT will likely not go "active" for decades, i.e. at our death or the death of a third party contributer. By then the drafting attorney could be dead or retired. I have found very few attorneys that are true Medicaid experts and know each program's rules inside and out. I actually only know one such athorney and may be using them to rewrite my 3SNT. I know several special needs advocates that keep on top of Medicaid law but they are getting up in age as well. Best I can do is know my child's specific Medicaid programs rules inside and out, keep up with all changes and communicate those with my family member successor trustee (my nondisabled child) and provide that family member with some expert resources in case of questions about distribution rules, taxes, record keeping, etc. Investing is the relatively easy part (low cost index funds). Bill paying and record keeping are the main ongoing duties, and tax preparation can be hired out once a year. The trustee could consult once a year with a fee only financial planner to make sure trust funds are on target to last the beneficiary's lifetime. All this is far less expensive than a corporate trustee and likely less onerous. I plan on having a family friend as a trust protector who is financially savvy and a very trustworthy person.

Statistics: Posted by JBTX — Sun Jun 30, 2024 12:08 am — Replies 40 — Views 2578