12 replies to this topic

[Dillon]

I'm looking for ways to preserve the money I have and am thinking about entering into A Special Needs Trust.

Does anyone have any experience, suggestions or advice you could offer, pro or con, about this kind of trust that would help me eat better informed about this very important issue for me. I know I'll have to get a job sometime but don't know when that will be And Thought a Special Needs Trust that would make me eligible to receive more government benefits to offset costs of medical supplies, medical treatments and attendant care would be extremely beneficial to me.

What you guys think??

Thanks!

[ClaraTaylor]

Where are you from? (Country)

[Tinbasher]

Get a good lawyer who specialises in these trusts.

[Ches]

There's a ton of pros and cons, and alot more to it then you'd think.. Its worth it to find a lawyer, like Tin said...and educate yourself.

[Beautiful]

I have a special needs trust

[djm0410]

Wish I would have thought or knew about this. I opened an account to pay my sons bills from and Child Services in Mahoning county, Ohio wiped everything out and I did't know it until all the checks started bouncing! You live and learn the hard way I guess. I am going to a hearing work in a medical practice and turning everyone over that I know for sure is ripping off the system since we are trying to play the book and keep getting screwed everywhere we turn. Get an attorney. That is what I am doing!!!!! Donna from Ohio

[Dillon]

Hi,

sorry about the late response. I live in the United States, Illinois specifically.

Yes, everyone says to educate oneself about this but that's easier said than done. I mean, it's hard to get objective advice to know if what a lawyer or someone else is selling you and whether it's appropriate. I looked on the web for articles for magazines and newspapers to help guide me no luck, so far.

Do any of you Have a Special Needs Trust for yourself or for family? If you don't have a trust, is there another way to go about this? I mean, does the government offer other programs that would do the same thing?

@Beautiful. Could you tell me how the process went, what to look out for, what you would change etc.? By the way, how much did you pay for the lawyer to prepare the trust - just curious you know. We're getting so many high prices and a few very cheap ones that were not sure if the expertise and money is really worth it.

I want to thank you for all your advice and welcome anything that would help me figure this out.

[hooplady]

Dillon,
In the US these are generally called "Supplemental Needs Trusts" so you might also try that search term. I posted a question some time back on the same subject but didn't get a lot of response; I wondered if that meant not many people have them because they are too expensive to set up.

I found what you did - most of the info on the web is posted by lawyers trying to sell you something so it isn't objective. But here's a white paper prepared by an agency in Wisconsin that might help a little.

http://www.wi-bpdd.o...ns_Revision.pdf

Good luck on this. From what little I know it certainly seems like a good option for a lot of folks.

[Ches]

I think more people here have a trust, than you think. But money is very personal subject, no one likes to discuss those things.

The jest of it is.. Special Needs Trust cost alot to get started, they invest your money, charge you fees for managing your money (on top of annual fees) and unless u absolutely need someone to monitor your money or if you like the idea of someone else having the final say, stay away. They are literally what they say, meant for someone with SPECIAL NEEDS.. i.e. Brain Injuries, or others unable to handle it themselves.

Just Wikipedia the difference in terms, like Special Needs & Supplement.

[Dillon]

hooplady, on 16 March 2011 - 12:29 AM, said:

Dillon,
In the US these are generally called "Supplemental Needs Trusts" so you might also try that search term. I posted a question some time back on the same subject but didn't get a lot of response; I wondered if that meant not many people have them because they are too expensive to set up.

I found what you did - most of the info on the web is posted by lawyers trying to sell you something so it isn't objective. But here's a white paper prepared by an agency in Wisconsin that might help a little.

http://www.wi-bpdd.o...ns_Revision.pdf

Good luck on this. From what little I know it certainly seems like a good option for a lot of folks.

Hi,

Thank You for responding to my post about special needs trusts. Yes, it's difficult to find objective information.Thanks for the Link!

Edited by Dillon, 17 March 2011 - 10:32 PM.

[Dillon]

Ches, on 16 March 2011 - 02:03 AM, said:

I think more people here have a trust, than you think. But money is very personal subject, no one likes to discuss those things.

The jest of it is.. Special Needs Trust cost alot to get started, they invest your money, charge you fees for managing your money (on top of annual fees) and unless u absolutely need someone to monitor your money or if you like the idea of someone else having the final say, stay away. They are literally what they say, meant for someone with SPECIAL NEEDS.. i.e. Brain Injuries, or others unable to handle it themselves.

Just Wikipedia the difference in terms, like Special Needs & Supplement.

Chee,

Thanks for your response and advice.

[snodrog742]

I have one too and live in Illinois.

[S&W Winger]

Just a note: the Trust need not be invested in expensive risky products [which also offer fat commissions]...could also be safe investments like CD's, other bank accounts, FIXED [not variable] annuities...interview several prospective attorneys/financial planners...your intuition should weed out the self-servers...