I established a special needs trust for my current 8 yo child with autism and trying to determine the best way to manage it. It is currently not funded. My general plan was to care for him with our own money while we are alive and have the fund as beneficiary of our accounts on our passing. Is there a better strategy?
My father has also expressed interest in supporting the trust and has money earmarked for it. What is the best strategy for that? I was thinking to open a brokerage account with it as the beneficiary rather than under the trust to maintain flexibility? But on his passing the trust will be funded requiring paying taxes and assuming my wife and I are still living will hopefully not be needed.
Any thoughts or advice would be much appreciated
Thank you
My father has also expressed interest in supporting the trust and has money earmarked for it. What is the best strategy for that? I was thinking to open a brokerage account with it as the beneficiary rather than under the trust to maintain flexibility? But on his passing the trust will be funded requiring paying taxes and assuming my wife and I are still living will hopefully not be needed.
Any thoughts or advice would be much appreciated
Thank you
Comment