Long Beach Special Needs Trusts are used to support special needs individuals beyond what the government provides through supplemental income. The exact type of account that is set up, the amount of money that is needed to fund it, the trustees and the team all vary based on individual family needs, assets, and personalities. Because there is not one single set way of funding a Long Beach Special Need Trust, we recommend that families work with professionals to set one up and manage it.
Helping Long Beach Families Establish Special Needs Trusts
It can be difficult to know how much money should ideally be in the Long Beach Special Needs Trust. In general, the smallest amount recommended is a minimum of $100,000. However, the exact amount will depend on the physical needs of the individual. For example, those requiring frequent medical care or specialized programs that are not covered by the state will require a much higher amount. While it is impossible to imagine exactly what medical care one will need in the future, it is best to guess high or to fund the trust at the largest amount one can.
Parents or others who are setting up the Long Beach Special Needs Trust will also need to find someone whom they can designate as the trustee. The trustee is often a close friend or a family member and many times does the work of administering the trust free of charge. The trustee will disburse money to pay bills and rent, purchase groceries, transportation, and clothes and pay for other services that the individual may need.