15th May 2013

The trustee of a special needs trust has a complex job, which requires the trustee to understand the law and rules of government benefits, as well having the duty to invest funds appropriately.  Add the taxation requirements to prepare and file fiduciary tax returns, the trustee of a special needs trust has a multi-level job.

This is why it is so important to have a team of advisors to assist in the administration of the special needs trust.  In addition to the attorney who can advise the trustee concerning the law, it is critical for the trustee to engage a Certified Public Accountant, who understands the tax rules concerning irrevocable trusts in general, and special needs trusts, in particular.

Another member of the team is the financial advisor who will make sure the trust funds are properly invested to provide safety of the investment, while garnering a reasonable return.

These professionals must not only work with the trustee, but with each other to make sure that the trust meets all of its legal, tax, and financial requirements.

Dwight Edward Tompkins,
Orange County Estate Planning Lawyer.    

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