Special Needs Trusts & Settlements
Special Needs Trusts & Settlements
What is a Special Needs Trust (SNT)?
Who creates the SNT?
Where is the money held & how does our loved one access the funds?
Trusts themselves are very flexible and may be drafted to meet the specific intent of the individuals creating the trust and customized to meet the specific needs of trust beneficiaries. You can use SNT's as a key element in a comprehensive special needs planning estate and wealth transfer plan.
A Special Needs Trust (SNT) provides supplemental funding for a designated beneficary with a designated disabilty. When it's time for assets to be distributed from the SNT, loved ones with special needs can receive funds without losing government benefit eligibility as long as those funds aren't used for services meant to be covered by those benefits.
Advanced estate planning and SNT services require specific knowledge. It is important to have a SNT drawn up by an attorney with special needs experience.
Beneficiaries can fund their own SNT. Families and loved ones may also fund a SNT for the a beneficiary. The type of SNT to be created is determined by where that funds come from that flow into the trust.
A Trustee is a individual or company that manages a Trust. Using Trustee services means collaborating with a third party that has your best interests in mind while the trust is set up through an attorney.
Trustee services can include:
- Access to Investment management and prudent diversification of account assets;
- Periodic statements, annual tax reporting and investment reporting; cash management, safe custody and prompt distribution of assets;
- Processing of capital changes such as stock dividends, splits, exchanges and tenders;
- Bill paying, automated deposits and disbursements (ACH and wire);
- Income collection and allocation;
- Tax forms and/or tax preparation services;
- Varying levels of fees not included with investment management expenses.
The person appointed as your trustee should have the knowledge and capability necessary to administer sometimes complex arrangements and to meet the fiduciary duties and responsibilities that are imposed under trust law. See the links below for trustee in our network.
Quantum Group does not provide tax or legal advice. Please consult a legal or tax professional regarding your individual situation. Tax and/or legal services provided by third party CPAs, attorneys, or other professionals are separate and unrelated to Quantum and Commonwealth.
Settlements
Have you or a loved one recently received a legal settlement?
Do you also recieve government benefits?
Quantum Group develops strategies to help families properly allocate proceeds from a legal settlement, while preserving eligibility of public benefits for future care considerations.
Settlement Planning is appropriate for people who have difficulty managing a large settlement due to the nature of the government benefits involved. We can help guide you before and after you have received the proceeds from a settlement.
Our relationships with both CPA's, Personal Injury Attorneys, and Special Needs Estate Attorneys, allow us to provide you with access to the tools that are necessary for a well-designed Settlement Plan.
Key Areas Within Your Settlement Plan
Estate & Trust Planning
Financial Planning
Tax Planning Strategies
Government Benefit Process & Planning