Special Needs Answers
How to Fund a Special Needs Trust with Life Insurance
Among the many challenges for families is making sure there will always be enough money to provide lifetime care for?speci...
Read moreIs It Allowed for Someone to Have Two Special Needs Trusts?
- October 2nd, 2023
Q
Can there be two separate special needs trusts opened for a disabled child about to be an adult? One opened by the parents to protect assets that the disabled adult will inherit as well as funds from parents to supplement disabled adult while all are living. The other special needs trust to be used by other relatives to help disabled adult. The trustees on these two accounts may be different.
A
Yes, there can be two special needs trusts for the same beneficiary. The trustees will just have to coordinate with one another.
Harry S. Margolis practices elder law, estate, and special needs planning in Boston and Wellesley, Massachusetts. He is the founder of ElderLawAnswers.com and answers consumer questions about estate planning issues here and at AskHarry.info.