Q: I have a questions about Trusts.
My mom will be getting a settlement soon and she is also on disability. SHe has the opportunity to put it in a trust but she doesn't how they work. Can you get money out any time she would like to?
A: Not exactly "any time" as a trust does have some restrictions (and needs to if she is on needs based government assistance). However, the trust would be for her sole benefit and the Trustee would be responsible for seeing that she is well cared for with the funds. If a trust is needed to preserve benefits it is usually a good thing. However, you may want to talk with someone experienced with special needs trust to (1) discuss whether a trust is appropriate and (2) discuss who could serve as Trustee to ensure you have the best person in place that will take care of your mother. Good luck!
A: It depends on the trust, usually for someone who is disabled and is receiving SSI or other sources of income that look at the assets held to qualify they need a special needs trust with an independent trustee. I would recommend you contact a local attorney and go over her situation and determine what kind of trust would work for her, if any.
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