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lwpat
lwpat, Attorney at Law
Category: Estate Law
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Experience:  Attorney with experience in wills, estates and trusts
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What is the typical cost to set up a special needs trust

Resolved Question:

What is the typical cost to set up a special needs trust? Is it worthwhile to create one with only $40,000 to contribute?
Submitted: 4 years ago.
Category: Estate Law
Expert:  lwpat replied 4 years ago.
You can check around but usually 2500 to 5000. You may want to think about setting it up and using the money to purchase life insurance on their parent. That is a typical method of funding a special needs trust.
Customer: replied 4 years ago.
Is it true that after death of the beneficiary of an SNT, the remainder of the trust must be paid to the state to offset any medical costs paid by Medicaid or Social Security Disability? Would your suggestion of purchasing life insurance with the trust funds avoid this eventuality?
Expert:  lwpat replied 4 years ago.
No it would not. However, a wise trustee sees that the funds are spent.
lwpat, Attorney at Law
Category: Estate Law
Satisfied Customers: 25384
Experience: Attorney with experience in wills, estates and trusts
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