Creating Special Needs Trusts

Assess the needs of the beneficiary with disabilities to determine the appropriate type of Special Needs Trust and the level of funding required.

Consult with an attorney who specializes in Special Needs Trusts to ensure legal compliance and to receive guidance on structuring the trust.

Select a reliable trustee who will manage the trust. This can be a family member, friend, or a professional trustee.

Work with your attorney to draft the Special Needs Trust document, outlining the terms, funding, and the beneficiary’s needs.

Have all relevant parties, including the grantor and trustee, sign the finalized trust document in the presence of a notary public.

Transfer assets into the trust account to fund it. This could include cash, stocks, real estate, or other valuable assets.

Keep detailed records of all trust transactions and statements, ensuring full transparency and accountability for the trust’s operation.

Inform all relevant government agencies of the existence of the trust to maintain the beneficiary's eligibility for assistance programs.

Consult a tax professional to understand the tax implications of establishing and funding a Special Needs Trust.