I relocated to Florida recently as permanent address.
SNT was created on my behalf by NY Attorney in 2013. Assets are approximately $240,000.00.
1. What do we need to do to "move" the Trust down to Florida?
2. Current Trustee and co-trustee do not wish to serve anymore.
3. Need to change some Beneficiaries
Please advise, thanks!
Florida will recognize a NY trust. your points 2 and 3 require a trust amendment. Since you have to amend the trust for that, you can also change the jurisdiction / applicable law section of the trust to FL if you want. Not required.
With the rules governing special needs trusts you must be careful. Whose money went into the trust? Was it your money that funded the trust through a personal injury settlement or an inheritance? Then it is a first party SNT. I don't practice in NY, but I am aware that some state Medicaid offices will not allow the transfer of the trust or "change of situs" unless and until they get paid back for all the benefits you have received.
If it is a trust that someone else established for your benefit using their own money then it is a third party SNT. If you try to amend the trust to change trustees or beneficiaries yourself, you would be exercising control of the trust which could result in it being treated as an available resource. That would kick you off Medicaid. That was not the purpose for which the trust was established.
A trust protector might be able to appoint a new trustee who would be willing to serve in spite of your having relocated, but the trust document would need to be reviewed by a good elder law attorney who is familiar with special needs trusts.
This is not a DIY project. You critically need an experienced elder law attorney to keep this from blowing up in your face. Some of the best in the country are in FL. Go to the website of the National Academy of Elder Law Attorneys at www.naela.org to locate one. Be prepared to travel and to pay a fee for their services, but with $240,000 at stake you would be foolish not to do it.
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You will likely need to speak with a tax and financial expert. What sort of assets are the in trust? The process will change depending on the types of assets.
If you have real estate (For example), the process will be entirely different than if you have investments or a bank account.
Remember, please post on here in hope that you will reach out. To do this, you can click on an attorney's profile to find their information for a consult.
For the trustee side, someone will need to step up and act as trustee and to change beneficiary will also depend on type of asset. With changing a beneficiary, the trustee (and financial advisor/attorney) would look to the trust document to determine what is necessary.
Reach out to an attorney (likely in Florida) that will be able to help you with these issues.
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