Lisa Arrington, partner, was interviewed about supplemental needs trusts on the Money Doctors radio show, which is produced by Commonwealth Financial Group. Lisa said, “. . . anything having to do with our health care in this country seems to be really complicated. That’s exactly what we’ve got when we are trying to help folks who have special needs loved ones at home, and it really pays for them to seek out professional advice.”
Chuck LaRocco and Tracy Baker, the hosts of the show, asked Lisa questions sent in by the show’s listeners. The questions Lisa answered include:
- What exactly is a supplemental or special needs trust?
- Who mostly benefits from or who needs a supplemental needs trust?
- When it comes to special needs trusts, are there different types?
- When is the right time to set up one of these trusts?
- If the beneficiary receives a check made payable to their name, are they able to put that check into the special needs trust? Or does it have to be titled as the trust?
- How expensive is it to set up a special needs trust?
- Can I do one trust for my two disabled children, or do I need two separate trusts?
Lisa, Chuck, and Tracy also discussed some of the common mistakes that are made when doing special needs planning and setting up supplemental needs trusts.
To listen to the full show, click here.