How to Set Up a Special Needs Trust for a Cancer Patient?
Setting up an SNT involves several steps:
Consult with an Attorney: An experienced estate planning attorney can help navigate the legal requirements and ensure the trust is properly established. Identify the Trustee: Choose a trustworthy individual or institution to manage the trust assets responsibly. Fund the Trust: Determine the source of funding, such as personal savings, life insurance policies, or inheritances. Draft the Trust Document: The document should outline the terms of the trust, including the types of expenses covered and the powers of the trustee. Maintain Compliance: Regularly review the trust to ensure it remains compliant with state and federal regulations.
