Reply to Special Needs Trust - professional trustee or family member?

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[quote=Anonymous]My husband and I are slated to manage funds for my SIL. She is a higher functioning adult with cognitive and social deficits. She has the skills to live independently but is extremely vulnerable to being taken advantage of, and she is inclined to spend every dollar she has. She can really only be trusted with $25-$50 at a time. My in-laws have a trust set up that will come into our control when they are no longer able to manage it. They also have a separate account with liquid cash (i believe $10,000 or so) in a HYSA that is in our name. This would be to cover any kind of immediate or urgent need related to his sister. Finally, they invested in a condo for her to live in that will also come under our name when the time comes. We had the option of an inheritance to renovate our home to have her live with us- but for now, the plan is for her to live in the condo near by. If we sell the condo, a certain percentage of the profit goes back into the estate for the sister.

This is not as commonly talked about but my in-laws set the trust up in a way that we get paid a stipend from it- roughly $1000/month but it is based off the interest the account earns. The idea is that it covers our time and incentivizes us to accommodate my SIL's needs. This is to cover things like taking her to dinner, buying her birthday and Christmas presents, taking her to the theater, etc. It also is a "thank you" for considering her when planning out our own lives. For example, we couldn't go on a vacation without making arrangements for her or bringing her with us. We also could never move out of the area without taking her with us or setting up significant supports here. We might need to take off work to take her to appointments and therapies. We would likely do this regardless of the money, but I will say that it really really helps to know that we aren't taking resources away from our own children to support my SIL. My in-laws came up with this after pricing out hiring someone to manage it all. They are elderly and in poor health, so the peace of mind of having a plan is really really important to them.

The downside is that there won't be a very big inheritance. Having a dependent adult child has drained a lot of their funds and they have put the rest towards securing her future after they are gone. My husband will inherit half of the sale of their house, but otherwise, their estate goes to support their daughter. [/quote]

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