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Creating Special Needs Trusts

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<h1>Creating Special Needs Trusts</h1>
<p>This playbook outlines the steps to set up a Special Needs Trust, which is a plan designed to financially support an individual with disabilities while preserving their access to government benefits.</p>

<h3>Step 1: Assessment</h3>
<p>Assess the needs of the beneficiary with disabilities to determine the appropriate type of Special Needs Trust and the level of funding required.</p>

<h3>Step 2: Legal Counsel</h3>
<p>Consult with an attorney who specializes in Special Needs Trusts to ensure legal compliance and to receive guidance on structuring the trust.</p>

<h3>Step 3: Choose Trustee</h3>
<p>Select a reliable trustee who will manage the trust. This can be a family member, friend, or a professional trustee.</p>

<h3>Step 4: Draft Trust Document</h3>
<p>Work with your attorney to draft the Special Needs Trust document, outlining the terms, funding, and the beneficiary’s needs.</p>

<h3>Step 5: Sign Documents</h3>
<p>Have all relevant parties, including the grantor and trustee, sign the finalized trust document in the presence of a notary public.</p>

<h3>Step 6: Fund Trust</h3>
<p>Transfer assets into the trust account to fund it. This could include cash, stocks, real estate, or other valuable assets.</p>

<h3>Step 7: Maintain Records</h3>
<p>Keep detailed records of all trust transactions and statements, ensuring full transparency and accountability for the trust’s operation.</p>

<h3>Step 8: Notify Agencies</h3>
<p>Inform all relevant government agencies of the existence of the trust to maintain the beneficiary's eligibility for assistance programs.</p>

<h2>General Notes</h2>

<h3>Tax Considerations</h3>
<p>Consult a tax professional to understand the tax implications of establishing and funding a Special Needs Trust.</p>