Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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We have a attorney preparing our revocable living trust so that our 3 grown sons each receive 1/3 of our estate each after we pass. One of our sons has been disabled for 21 years, receiving SSI and Medi-Cal. Our attorney has written both an Irrevocable Special Needs Trust for him and/or (should he get better, though unlikely) a Non-Special Needs Trust. I am concerned that by setting it up this way, the third party Special Needs Trust may not be able to qualify as a Qualified Disability Trust (with its yearly tax advantages). Does anyone have any experience with a revocable trust set up in this way?