Working with conservatorships I have come across many caring families who want to ensure that their physically or mentally incapacitated loved ones are cared for after they are gone. One of the best ways to ensure that your disabled loved one continues to qualify for public benefits and also has access to funds that can be used to supplement their quality of life, is to create a special needs trust for their benefit. When considering setting up such a trust, consider the following:
1. What financial resources you want to use to fund the trust,
2. Who is the best candidate to manage the trust? Consider whether it should be a trusted family member, friend, Attorney or Professional Fiduciary.
3. What limitations if any you would like to place on how the funds are used.
4. If your financial planner or C.P.A. has any ideas or thoughts on how to make the financial resources you use to fund the trust productive
5. Carefully select the Attorney who is drafting your estate planning documents