Bill Would Allow All Military Retirees to Name Special Needs Trusts as Beneficiaries of Pension Plans
A bipartisan bill fixes a flaw in earlier legislation and would finally allow any?veteran?to allocate pension payments to...Read more
Yes, the house can be left one-third to the special needs trust and one-third to each of your other children. Just be aware that if your children keep the house, then when either of the children with a one-third interest dies, his or her share will go to his or her estate. If that child has a will, it will pass as the will says. Without a will it will go to the child’s nearest relatives, which may be a spouse and children. Lots of potential owners can complicate things. You may want to have the house go to a trust that says that on its sale the proceeds get divided three ways as dictated by the trust. Of course, this could all be academic if you expect your children to sell the house when you no longer need it.
For more information about special needs trusts, click here.