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It should be created and funded by a third party, such as a parent or grandparent. The disabled beneficiary should not create the trust or fund it with his personal assets. An independent trustee should be chosen to administer the trust.
That way, they can still use government benefits in addition to their own money. The estimated cost of starting a special needs trust in Georgia is between $2,000 and $3,000. This will ensure your loved one can still receive program benefits.
The cost of setting up a trust in Georgia varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.
Questions About Setting Up a Special Needs Trust ?How would you get started to make a special needs trust?? ... ?If your parents name you as the beneficiary of their insurance [and you are an individual with disabilities who receives public benefits] can that be put into a special needs trust??
To make a living trust in Georgia, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.