As a Los Angeles County special needs lawyer, I often help parents set up their supplemental or Special Needs Trust as a way to protect their child’s resources and future inheritance.
I help clients choose their trustee, or the person who is in charge of overseeing and managing trust funds for the child.
In the trust, we also include language that covers compensation to the trustee for agreeing to take on such a role. Should the language NOT be included, the trustee is still entitled to payment if they ask.
So, how do you figure out what an appropriate fee would be? Typically, it depends on the complexity of the trust and how many ongoing responsibilities the trustee will have. The more tasks, and the more complex, the higher a fair rate would be.
If you meet with a qualified special needs attorney, he or she can provide feedback about fair rates based on your plan’s specifics.
Alternatively, if a trustee has to pay for something out of pocket in regards to the trust, the Special Needs Trust will reimburse them if provided a receipt, and this will not be considered part of the fee. The fee itself receives a tax as it is considered income.
Remember, each plan is different. Have you been appointed to serve as trustee of a Special Needs Trust? Talk to an attorney about specifics as to what you should expect, your roles, or questions about compensation. Don’t know who to call? I invite you to call our law firm at (310) 782-6322 and schedule your consultation with a Los Angeles County special needs lawyer.