Setting up a special needs trust doesn’t have to be complicated.
Here’s an example. Let’s start with family of five that includes two parents and three children. One child has special needs and requires a high level of support and care over their lifetime.
The parents want to create an equitable solution that divides their estate among the three children, and that reduces some of the next generation’s burden of caring for their disabled sibling.
The family wealth plan they establish includes a special needs trust for their disabled child, and wealth transfer trusts for their other two children. The parents decide how to allocate assets among the trusts, knowing that unused funds in the special needs trust can be left to siblings or their heirs, or to another residual beneficiary.
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