Special needs trust accountings

 Accountings in special needs trust (SNT) administration are particularly important due to the unique circumstances and responsibilities involved in managing assets for a beneficiary with special needs. Here’s why accountings are crucial in SNT administration:

1. Beneficiary Protection: Special needs trusts are designed to enhance the quality of life for individuals with disabilities while preserving eligibility for government benefits. Accountings ensure that trust funds are used appropriately to meet the beneficiary’s needs without jeopardizing their eligibility for essential benefits like Medicaid or Supplemental Security Income (SSI).
2. Trustee Accountability: Trustees of special needs trusts have a fiduciary duty to manage trust assets prudently and in the best interests of the beneficiary. Regular accountings demonstrate how trust funds are being managed, providing transparency and accountability.
3. Legal Compliance: Compliance with state laws and regulations governing special needs trusts requires trustees to provide accountings to interested parties, including beneficiaries and sometimes government agencies overseeing benefit eligibility.
4. Beneficiary Advocacy: Accountings allow beneficiaries and their advocates to monitor trust activities, ensuring that funds are used in accordance with the trust’s purpose and the beneficiary’s best interests.
5. Financial Planning: Detailed accountings help trustees and beneficiaries plan for the future by providing a clear picture of income, expenses, investments, and distributions from the trust.
6. Protection Against Mismanagement Claims: Properly maintained accountings protect trustees from potential claims of mismanagement or breach of fiduciary duty by documenting all financial transactions and decisions.

In summary, accountings in special needs trust administration serve to safeguard the beneficiary’s financial security, uphold trustee responsibilities, ensure compliance with legal standards, facilitate effective financial planning, and maintain trust and transparency in managing assets for individuals with disabilities.

Estates up to $1M:  $1,500

$1M to $3M: $2,500

$3M to $6M: $3,500

Prices only apply for estates without litigation. For litigation accountings please send a message to cs@clerikus.com.

We also offer the option for hourly rates. For hourly rate prices please contact us at cs@clerikus.com.