The Listen to Lawrence Letter: A Special Needs Trust Question

READER QUESTION:

Does a special needs trust (SNT) have to be irrevocable?

MY RESPONSE:

The answer is that IT DEPENDS. It depends on who is creating the trust. It depends upon who is funding the trust. It depends on what government benefits the beneficiary is receiving.

However, almost all special needs trusts are irrevocable. One notable exception is that if you are creating an SNT for someone else, the trust could be set up with you as trustee of a revocable trust, which will become irrevocable when you die.

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