QUESTION
Can an aunt set up a trust fund for their niece or nephew?
Asked on Sep 20th, 2011 on Estate Planning - New York
More details to this question:
Can I, as an aunt, set up and (initially) fund a special needs trust for a disabled niece/nephew? Or is the set up limited to Parents/Grandparents?
6 ANSWERS
Trusts and Estates Attorney serving Jacksonville, FL
Partner at
Law Office of David M. Goldman PLLC
3 Awards
Yes this is done all the time.
Answered on Jun 21st, 2013 at 1:49 AM
1 Award
Anyone can set up a special needs trust on behalf of anyone.
Answered on Jun 21st, 2013 at 1:42 AM
3 Awards
If you are using your own funds, then yes. If you are using money that your nephew would be entitled, i.e. a settlement, there are limitations. Special Needs Trusts and Supplemental Needs Trusts should be established by an attorney with experience in that area of law. We charge $100 for a one hour consultation with an attorney.
Answered on Sep 23rd, 2011 at 7:50 AM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
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Yes, you can. Other restrictions may apply with a special needs trust.
Answered on Sep 22nd, 2011 at 7:28 PM
Trust Attorney serving Cincinnati, OH
at
Paul A. Nidich Attorney at Law
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Antone can establish a third-party special needs trust. But, I suggest you do so in concert with the parents to coordinate trustees and other relevant issues to save problems of unnecessary and possibly expensive duplication.
Answered on Sep 22nd, 2011 at 10:39 AM
Theodore W. Robinson
It appears that you may set up any form of trust you wish for your relative. Good luck.
Answered on Sep 22nd, 2011 at 7:59 AM