News & Analysis as of September 19, 2024

Trustees

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Supplemental vs. Special Needs Trusts: Any Difference?

Chambliss, Bahner & Stophel, P.C. on 5/13/2024

Have you heard the terms “special” needs trust and “supplemental” needs trust and wondered what the difference is? The simple answer is that there’s no difference. Whether supplemental or special, these trusts serve the...more

Trusts 101, Part 3 – Trust Acronyms Explained

Warner Norcross + Judd on 4/12/2024

Trusts serve a variety of tax, asset protection and estate planning purposes for families, and over the years different types of trusts have evolved to best serve families’ planning needs and objectives. Each type of trust...more

Responsibilities of a Special Needs Trust Trustee

Chambliss, Bahner & Stophel, P.C. on 7/14/2023

For individuals with disabilities, an inheritance or settlement can jeopardize a their government benefits, such as Medicaid and Supplemental Security Income (SSI). A special needs trust (SNT) can help the individual remain...more

Beyond Taxes: 10 Important Reasons Why Everyone Needs an Estate Plan

Bowditch & Dewey on 6/1/2023

People often assume that if their estate isn’t taxable, they don’t need to have an estate plan. In 2023, a Massachusetts estate tax return must be filed if the value of the deceased person’s gross estate exceeds $1 million. A...more

Minnesota Court of Appeals Rules Power of Attorney Insufficient to Amend Revocable Trust

Lathrop GPM on 2/9/2023

On January 30, 2023, the Minnesota Court of Appeals issued an opinion in In re Eva Marie Hanson Living Trust addressing the ability of an attorney-in-fact to amend a revocable trust on behalf of an incapacitated trust...more

Is a Special Needs Trust Right for You?

Woodruff Sawyer on 8/16/2022

If you have a child or another loved one with special needs, it’s only natural to worry about their future. How can you make sure their financial needs are taken care of without jeopardizing their public assistance payments?...more

Can an ABLE Account Benefit Your Family?

Adler Pollock & Sheehan P.C. on 9/21/2021

A family with a disabled child faces difficult planning challenges. For many years, the most effective estate and financial planning tool for parents of a disabled child was a special needs trust (SNT). This trust type...more

When Should You Consider Changing Your Special Needs Plan’s Key Players?

Chambliss, Bahner & Stophel, P.C. on 9/19/2019

You have completed and executed your plan for your special needs child. Everyone you’ve selected to serve—your guardian, your trustee, your health care proxy, your executor, and possibly a trust protector as well—has signed...more

Five Questions to Ask Yourself When Choosing a Trustee for Your Special Needs Trust

Chambliss, Bahner & Stophel, P.C. on 9/18/2019

If you are in the process of setting up a special needs trust, you must appoint a trustee. This is one of the most important decisions you’ll make about the trust. The trustee must have the necessary expertise to manage the...more

Tips on Creating an Estate Plan that Benefits a Child with Special Needs

Chambliss, Bahner & Stophel, P.C. on 6/19/2019

Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning by parents is...more

Should a Special Needs Trust Buy a Home for a Beneficiary?

Chambliss, Bahner & Stophel, P.C. on 1/29/2019

For some people with disabilities, homeownership may present a uniquely empowering opportunity. But for many others, purchasing a home through a special needs trust may be in the beneficiary’s best interests. Homeownership...more

Chocolate Cake, Purple Hair Dye, & Lorrie Morgan: Special Needs Planning Done Right

Chambliss, Bahner & Stophel, P.C. on 1/24/2019

What do chocolate cake, purple hair dye, Lorrie Morgan, and Alexa have in common? On first or even second glance, most of you would find nothing that these random things have in common, unless you know a gentleman named Doug....more

Can the Beneficiary of a Special Needs Trust Change the Trustee?

Chambliss, Bahner & Stophel, P.C. on 9/20/2017

The beneficiary of a special needs trust can never control or access trust funds – that is the job of the trustee. A common fear among beneficiaries or their families is that the trustee may not do what’s in the beneficiary’s...more

Estate Planning for Families with Children Who Have Special Needs

Farrell Fritz, P.C. on 4/14/2017

Estate planning for families who have children with special needs is similar to estate planning for families who do not have special needs children. From an estate tax perspective, the considerations do not differ. The key,...more

Choosing an Investment Adviser for a Special Needs Trust

Chambliss, Bahner & Stophel, P.C. on 10/12/2016

Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the...more

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