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Setting Up a Special Needs Trust

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<h1>Setting Up a Special Needs Trust</h1>
<p>This playbook outlines the sequential steps necessary to create a Special Needs Trust. The purpose is to provide financial support for a person with special needs without jeopardizing their eligibility for government benefits.</p>

<h3>Step 1: Assessment</h3>
<p>Evaluate the beneficiary's needs and eligibility for government benefits. Consult with a financial advisor or attorney to understand the impact of a trust on those benefits.</p>

<h3>Step 2: Legal Counsel</h3>
<p>Hire an attorney who specializes in Special Needs Trusts. They can guide you through the legal requirements and ensure the trust is properly set up to maintain government benefit eligibility.</p>

<h3>Step 3: Choose Trustee</h3>
<p>Select a trustee who will manage the trust's assets. This should be someone trustworthy and capable of managing financial affairs, often a family member or a professional trustee.</p>

<h3>Step 4: Draft Trust</h3>
<p>Work with your attorney to draft the trust document. This document should outline the terms of the trust, the powers of the trustee, and the rights of the beneficiary.</p>

<h3>Step 5: Funding</h3>
<p>Decide on the funding source for the trust. This may include personal assets, life insurance policies, or inheritances. Fund the trust accordingly.</p>

<h3>Step 6: Finalize</h3>
<p>Review the trust document thoroughly. Ensure all parties understand their roles and responsibilities before signing and notarizing the trust document.</p>

<h3>Step 7: Register Trust</h3>
<p>Register the trust with appropriate state agencies if required. This step may vary depending on your location and the type of trust you have created.</p>

<h3>Step 8: Inform Agencies</h3>
<p>Inform government agencies of the trust's existence. Report it correctly to avoid affecting the beneficiary's eligibility for government programs like Medicaid or Supplemental Security Income (SSI).</p>

<h2>General Notes</h2>

<h3>Beneficiary Care</h3>
<p>Regularly reassess the trust to ensure it continues to meet the beneficiary's changing needs without impacting government benefit eligibility.</p>

<h3>Legal Updates</h3>
<p>Stay informed about changes in legislation that may affect the trust's effectiveness. Regularly consult with your attorney to ensure compliance.</p>