Legacy Trust

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This trust is the umbrella trust.  Gifts or inheritances from the family go into an individual account for the person with a disability.  The money is invested by professional investment managers.  The money and property are divided between the trusts described below according to the instructions given by the family.  They can either direct all the money be transferred immediately to the other trusts or fund those trusts overtime.  

The Trustee of the Legacy Trust – that is who is in charge of taking care of the money – is a professional trust department.  The use of a professional trustee has three immediate benefits:  it can relieve a family of the responsibility if there is not a suitable individual, professional trustees are well-versed in the rules involved in these trusts, and they are regulated and insured to protect against mismanagement of the trust.  

The family would leave money or property to the Legacy Trust for the benefit of their loved one (the Beneficiary).  The Legacy Trust can transfer money to:

  • A Special Needs Trust,

  • A Caregiver Trust, or

  • A Spendthrift Trust.