The number of special needs trusts set up by caregivers has grown by 21%, nearly double number recorded in 2005, a new report concludes.
The MetLife Center for Special Needs Planning, New York, reported this finding in an online survey carried out jointly with the GfK Custom Research North America. A total of 1,004 individuals participated in the poll, which was conducted from May to June 2011.
But whereas seven in ten caregivers say that they have completed at least one financially related task, many have yet to address crucial gaps in special needs planning.
For example, less than half (49%) of caregivers have identified a guardian for their dependent should they no longer be able to care for them. More than half (56%) say they are unfamiliar with the steps needed to identify a trustee to watch over their dependent’s financial holdings in the future.
And 55% of respondents aren’t sure how to set-up a plan for lifetime financial assistance for their dependent.