Special needs trust

allit · October 2

We’re meeting with a lawyer to go over our wills.

There’s going to be a discussion about “self settled special needs trust” vs “third party trust”.

My wife is turning 65 on October 12. She was just diagnosed this year.

I’m thinking a third party trust would be fine.

Does that make sense?

clarinetist · October 2

This may not be the same thing, but I have a special needs trust for my husband. It’s in case I die before him. On my death all my assets go into the trust and the trust is managed by my daughter. Also my daughter would become his POA for all his assets.

allit · October 2

https://alzconnected.org/discussion/comment/224483#Comment_224483

that’s very helpful thanks!

Iris L. · October 2

Jo C posted about a Miller trust for Medicaid planning. You can ask about that.

Iris

allit · October 2

https://alzconnected.org/discussion/comment/224483#Comment_224483

that’s very helpful thanks!

allit · October 2

We had our meeting. We are not going with the “self settled special needs trust”. My wife is still working and isn’t in need of any government benefits like Medicaid. We may need to set that up at some point keeping in mind the Medicaid five year look back issue. But right now, we don’t really have any assets to fund that type of trust.

So, what the lawyer will do, is set up a “springing supplemental needs trust”. If I die before my wife, any inheritance will go into the trust. Seems like that makes sense. That way, nothing that’s inherited will count against her if she’s trying to qualify for government assistance when I’m gone.

Special needs trust

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