Guest guest Posted April 11, 1999 Report Share Posted April 11, 1999 Michele I've put off financial planning for Caitlyn because I come from a dysfunctional planning. But my great-uncle was an attorney (retired) in NY state and had a son whom he had to plan a spec needs trust for. He gave me some important insights. Instead of having one executor of the trust, you should have 2 people. This way, they can keep each other in check. Not to say that you wouldn't trust them, but you don't want an executor who will hold the monies so tight that your child dies a wealthy woman who never had access to any funds, and you don't want an executor who is so lenient with giving funds that the trust runs out when your child is age 30. A suggestion my uncle had was to pick one person from your side of the family and one side of your husband's side of the family so that both your interests will be represented (I know my husband's side of the family tends to spend too much money, my family saves as much as they can). Also, make sure that the executors are young and in generally good health. The executors should not be over age 50 at the time your child is age 20, or in 20 years, your child is only 40 and the executors may need someone to help them manage their own financies as well as Aubrie's. One more thing, the executor's should be 2 entirely different people from whom you choose to take care of Aubree in the event of you and your husband's death. Some people think that this should be the same person, but it doesn't have to be and it would be beneficial if it was not. Making these arrangements will be expensive. You'll probably spend about $500-$1000 for the attorney. To find an attorney experienced in special needs trusts, call your local The Arc chapter. They usually have attorneys they can recommend who will do the services for a reduced price. I hope this helps. Jeanne _______________________________________________________________ Get Free Email and Do More On The Web. Visit http://www.msn.com Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 11, 1999 Report Share Posted April 11, 1999 Jeanne- Thanks for all the great tips! Michele Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.