To contact us Click HERE
A first-rate Trustee is critical to a successfulplan. The Trustee of a Special NeedsTrust has extremely broad discretionary powers and authority. Trustees can be the parents or grantors themselves,siblings, trusted family members and good friends of the family. Banks or other financial institutions canalso provide a professional to act as trustee.
Often I recommend that if possible the best choicewould be a sibling or family member together with a corporate trustee to serveas co-trustees. The corporate trusteewould have the primary oversight of the management, investing and accounting ofthe trust assets. The sibling or familymember would provide the needed intimacy with the beneficiary's needs andcircumstances.
Another option is to make the Special Needs Trustpart of a pooled trust if the beneficiary is funding the trust.
Some things to consider in selecting the trustee:
· Will the person(s) be responsive and attentive tothe needs of the beneficiary?· Are there possible conflicts of interest? (such as siblings who are also trustremainder beneficiaries)· Is the prospective trustee capable of good financialmanagement?· Any tax implications to be taken into account?· Can you afford the fees for professional management?· Can you afford to not have professional management?· The possibility the person selected could experiencesignificant life changes, e.g. divorce, moving far away· You should make provisions for compensation. It can be a lot of work.· Co-trustees, a corporate trustee with a familymember to provide professional management balanced by someone loyal to andfamiliar with the beneficiary.· Trustee successors?· Trust Protectors to oversee the trustee’sperformance, and to replace the trustee where appropriate?
Asalways, feel free to contact our offices at (585) 235-0980 to discuss anyquestions or comments. Also, visit ourwebsite at www.CiminelliLaw.com.
Hiç yorum yok:
Yorum Gönder