Should a Special Needs or Medicaid Trust Have a Protector?Should a Special Needs or Medicaid Trust Have a Protector?
Consider the potential benefits offered by this position
Being the new kid on the trust block, the trust protector has become almost as recognizable as the musical group of the same name. Although originally associated with offshore trusts, the protector (that is, a party with powers over the trust but who isn’t a trustee) is now frequently used in many of the instruments estate planners use almost every day, such as life insurance trusts, dynasty trusts and, of course, domestic asset protection trusts. When one considers the potential benefits offered by the position, it seems virtually all trusts are candidates for a protector, including special needs trusts (SNTs) and Medicaid qualifying trusts (MQTs).
SNT Basics
An SNT is, typically, a third-party trust (established and funded by someone ot...
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