Today, Paula Christine welcomes back her first repeat guest, Shannon DeWall of DeWall Law. Shannon is an estate planning attorney, and we’re covering the importance of a special needs trust. While this information isn’t relevant to everyone, it’s critically important to some of our listeners.

A special needs trust is set up to take care of the needs of an individual with special needs, often upon the death of both of their parents. Often, individuals with special needs are eligible for Medicare as well as SSI, or supplemental security income. If someone ends up with a large inheritance, this can jeopardize their ability to participate in both of these government programs, which provide more than just financial benefit.

Who should be the trustee, or in charge of the trust? Most parents assume it will be a sibling or other family member, but that can be an undue burden to place on a relative. This needs to be worked out when the trust is set up, long before the parents have passed. And perhaps the trustee is a lawyer, trusted friend, or other professional. The key is for them to have an understanding of how the trust works, as well as what can and can’t be done with that money.

For more information on this topic, you can reach Shannon at Shannon@Dewall-law.com or at 734-772-1220. Her website is: https://dewall-law.com/

Need help with your financial future? Learn more about Paula and her work at PaulaChristine.com or send her an email: Paula@PaualChristine.com