Special Needs Trusts are the cornerstone of a solid special needs financial plan.

However, a common oversight by attorneys less familiar with drafting special needs planning estate documents can lead to unnecessary complications and expense for families.  Please watch the video above to learn how to avoid this mistake.

Transcript: Unfortunately, a number of attorneys draft the Special Needs Trust as part of a parent’s individual trust to be the beneficiary of the parent’s trust’s assets. Problems can arise when individuals other than the parent wish to make gifts or leave inheritances to the Special Needs Trust. In many cases, Special Needs Trusts cannot be the recipient of gifts from the other relatives, as they only come into existence when the parent dies. Instead, these trusts should be drafted as stand-alone documents, for two reasons. First, the Trust could then immediately be the recipient of gifts and inheritances from anyone. Second, they provide more privacy, as the government will only be reading the Special Needs Trust and not any of the family’s other estate planning documents.

To find out more about Special Needs Trusts as stand alone documents, speak with us today. Contact Oak Wealth Advisors – Phone: 847-945-8888

Talk to Oak Wealth Advisors about your options and learn more about this and other Special Needs recommendations and resources – visit: Special Needs Services and Resources

From the day we began our firm, we have operated as a fiduciary firm. What does this mean for you? Find out HERE…