Setting up a special needs trust fund

[Pennywise1]

What is the name of your state?Pennsylvania

I spoke to a few attorneys about hiring them to set up a special needs trust fund. The average fee to do so ranges anywhere between $2500-$5000. The settlement I received was $20,000 before Attorney fees. After Attorney fees the cost to hire a lawyer would pretty much cut my settlement in half.

I currently receive SSI/SSD in the amount of approximately $780 per month. Because I receive SSI/SSD benefits any monetary amount over $2000 would jeopardize loosing my benefits. I just signed my settlement agreement as well as filling out a W9 form. I was wondering if anyone can help direct me toward what I would need to do to set up a disability trust fund myself. I did some research online but there's some confusion over the exact paperwork/process I need to complete in order to create a valid trust fund.

I appreciate any help or direction that members can provide me.

 

[Taxing Matters]

No one here may draft a special needs trust for you, and I do not recommend you simply grab one off the internet and attempt to modify it to suit your situation. Documents you find on the internet may be badly drafted, not conform to your state's laws, may not include features you should have or include things you should not have, etc. Unless you really know the details of these kinds of trusts you likely would have no way to judge if the samples you found online were good for you to use. I suggest that you start by contacting Pennsylvania legal aid to see if it can connect you with an attorney who will help you for free or at very low cost.

 

[ALawyer]

I sympathize with you, but agree with Taxing Matters. What you need is not only far more than mere a special needs trust tailored to your state's laws, but advice as to the exact process that should be used to get the settlement funds into the special needs trust, plus specific advice as to who may serve as the trustee and the uses to which funds taken from the special needs trust can applied. It seems like a very simple area, but unfortunately, it's not, but it is very easy to create unintended negative consequences for yourself and/or the trustee.

 

[Pennywise1]

Thank you Taxing Matters and ALawyer, your advice defenitely seems to confirm what I've already considered to be the most logical route. I will contact Pa. Legal aid,there's an office nearby. Again thank you for repling to my post.