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Special needs trust

allit
allit Member Posts: 103
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in I Am a Caregiver (General Topics)

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?

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  • clarinetist
    clarinetist Member Posts: 178
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    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
    allit Member Posts: 103
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    https://alzconnected.org/discussion/comment/224483#Comment_224483

    that’s very helpful thanks!

  • Iris L.
    Iris L. Member Posts: 4,497
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    Jo C posted about a Miller trust for Medicaid planning. You can ask about that.

    Iris

  • allit
    allit Member Posts: 103
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    Member
    https://alzconnected.org/discussion/comment/224483#Comment_224483

    that’s very helpful thanks!

  • allit
    allit Member Posts: 103
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    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.

Commonly Used Abbreviations


DH = Dear Husband
DW= Dear Wife, Darling Wife
LO = Loved One
ES = Early Stage
EO = Early Onset
FTD = Frontotemporal Dementia
VD = Vascular Dementia
MC = Memory Care
AL = Assisted Living
POA = Power of Attorney
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